The Bitcoin price range has become significantly more subtle over the last several years as it has grown in popularity as a cryptocurrency. It is currently valued at $42,398.83 as of Sunday.
On Saturday, the BTC/USD exchange rate increased by 7.07%. Bitcoin ended the day at $42 414, up 3.54% from Wednesday’s low.
According to analysts, investors are in profit taking mode this week, rapidly eroding daily gains and capping the market at around the 45K level.
Bitcoin fell to an intraday low of $43,917.4 Saturday morning before recovering. Late in the day, a new high of $48,598 was set, surpassing the previous high of $43,284 set earlier in the day.
Despite concerns about the global economy and rising inflation, investors are attracted to Bitcoin’s (BTC) price movement.
Bitcoin would have to avoid a break below the pivot level of $45,841 in order to activate the first major resistance level at $48,765.
The crypto would require broad market support to break out of this new swing high of $48,945. Unless there is a sustained crypto rally, any upside is likely to be limited by the first major resistance level at $50,000.
If the pivot level at $46,841 is breached, the first major support level at $45,084 comes into play.
However, barring a prolonged crypto sell-off, Bitcoin should avoid falling below $45,000.
The world’s most popular crypto would require broad market support in order to overcome the recent swing high of $48,945.