Bitcoin’s price is displaying strength, leading traders to feel optimistic about its future direction. Currently, BTC is facing a supplier congestion level, and its ability to break above this level will determine its next directional bias. In terms of market trends, the US Bitcoin ETF has attracted significant attention from regions such as China, Europe, and Canada. Investors outside the US are rushing to buy US-focused ETFs due to weak rates in non-US ETFs and the fear of missing out on potential gains.
Looking specifically at Bitcoin’s price outlook, if it successfully closes above $45,451, it could climb 10% to reach $50,000. The Relative Strength Index (RSI) is indicating rising momentum, further supporting the bullish thesis. On the other hand, if profit booking occurs, Bitcoin’s price may descend and find support at the 50-day Simple Moving Average (SMA) at $43,015. Failure to hold this level could lead to a further decline to the $43,750 support or even $41,880. If these support levels are breached, BTC may test the demand zone between $38,496 and $39,895 and potentially fall to the $37,800 level. However, the bullish outlook would only be invalidated if Bitcoin’s price breaks below $30,000.