Bitcoin price is trading in around $48,658 with a bullish bias as the crypto market is set to recover following the November 03 flash crash. The big crypto is currently consolidating above the $48,000 crucial level. The uptick that started on Saturday November 04 has pushed BTC from lows of around $43,497 on Saturday to the current price above $48K.
The rest of the market is following suit and as Bitcoin leads the pack, investors can expect the BTC price to go even higher.
Bitcoin price is preparing for a 10% upswing to $53,600
BTC/USD dropped as much as 25% from highs above $57,000 to towards the $40,000 support floor in less than 24 hours during the midnight New York trading sessions on November 03. This crypto market flash crash pulled the entire market with all the top 30 cryptos flashing in red, leading to massive liquidations across the market. However, investors bought the dip pushing the price back to the $48,000 levels.
While this short-term rise in Bitcoin price is currently consolidating above $48,000, it can be expected that BTC could climb further to tag the $53,600 resistance level. It is worth noting that this area provided formidable support between November 26 and 28. This would represent a 10% rise from the current price.
This bullish narrative is validated by the upward movement of the Moving Average Convergence Divergence (MACD) Indicator which has just sent a call to buy Bitcoin on the four-hour chart. This happened earlier today when the MACD line (12-period exponential moving average (EMA)) crossed above the 26-EMA suggesting that the market momentum has reversed bullish.
BTC/USD Four-Hour Chart
However, if BTC price fails to rise above the $48,900 resistance level to tag the $50,000 psychological level, it will suggest that the bulls are tired. In such a case, the price of the bellwether cryptocurrency will dop below the $48,000 psychological level to seek solace around the $46,698 support zone. A drop further could see Bitcoin price retest the $40,800 support wall.