Bitcoin just takes a break with $ 50,000 still in sight, analysts say

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Resistance at the $ 50,000 price level rejected Bitcoin’s (CRYPTO: BTC) attack over the weekend, but market experts suggest the recent pullback was nothing more than a short setback term.

What happened: According to data from CoinMarketCap, Bitcoin hit this week’s highest price at $ 48,098 on Saturday before falling sharply 3.94% to $ 46,202, being rejected by resistance. As of press time, the coin is trading at $ 45,780. A report from Coindesk on Tuesday quotes eToro trading platform market analyst Simon Peters as saying that “the price has rebounded strongly now, but this uptrend is showing signs of fatigue in the near term.” He anticipates that “we may see a small retracement towards lower prices before the dominant trend reaffirms.”

The low trading volumes and short build-up indicate that Bitcoin is likely heading towards lower supports near $ 44,000 in the near term. UK digital asset brokerage firm GlobalBlock’s Sales Trader, Marcus Sotiriou, said “a pullback is to be expected before” the uptrend continues.

According to Sotiriou, this is due to “a decrease in volume with an increase in prices, as well as a bearish divergence of the RSI indicator on the daily time horizon”.

Read more: How far can Bitcoin go?

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