From a technical analysis point of view, Bitcoin continues on a general downward trend as the price has not passed the 50% retracement on the $47,440 price line.
The price will enter the Ichimoku cloud if it reaches $43,000, and this can be interpreted as market uncertainty.
The pair made some significant progress in the last two trading sessions, breaking a critical support level at the 23.2% retracement. The pair continued its rally further and reached $41,050, a 26 session high.
The price is currently trading extremely close to the upper band, which indicates that the price is relatively low. The bands are opening up but very slowly. Volatility can be lower during the subsequent trading sessions.
Our parabolic SAR indicator suggests that the price will continue its upward trend. Current price trades in between our short and long-term moving average; this often indicates that an uptrend is coming. The price has been affected mainly by fundamental factors and announcements from Elon Musk regarding accepting the cryptocurrency for Tesla purchases. We cannot rely on these indicators too much.
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