The interest in the cryptocurrency market continues to increase and after the Super Bowl ads in the US last weekend, the number of active wallets, transactions, and different crypto asset applications surged to the top of app store downloads. This is another step closer to cryptos reaching the mainstream public. There was not much bullish impact on cryptocurrencies, yet the pressure remains to the upside for Bitcoin (BTC).

Bitcoin Daily Chart Analysis – The Support/Resistance Above $40,000 Holds For BTC

The 50 SMA also turned into support on the daily chart 

Moving averages have been defining the trend for Bitcoin since the beginning of 2021, providing support during bullish periods and turning into resistance during bearish ones. Since November, the trend in the crypto market has been bearish, so the 50 SMA has been acting as resistance. But, the signs indicate that the decline might have ended now, since the price has moved above the 50 daily SMA for BTC/USD.  Last week we saw a retreat, but the 50 SMA turned into support, which is another bullish sign.

Bitcoin Weekly Chart Analysis – Bouncing Off the 100 SMA

Now BTC is facing the 50 SMA at the top

Earlier this week, I heard that Bitcoin holdings by miners have turned negative for the first time since November, after the decline in the price for three months. The price broke below the 50 weekly SMA (yellow), which had acted as support before. But, the 100 held its ground and BTC bounced off that moving average. Buyers have been in control in the last four weeks, although since Monday last week, gains have been slow.

Now, BTC buyers are facing the 50 weekly SMA from below, which stands at $44,000. Although, it seems like Bitcoin will overcome that moving average, so now the next target will be $50,000. We have opened a BTC buy signal, so we are following the price action here, hoping that buyers resume the larger uptrend again.

Bitcoin BTC Live Chart