Technical outlook:
Bitcoin has been drifting sideways since printing a low around $40,000 mark. The crypto might drop one last time toward $37,000-38,000 mark before finding support and resuming higher. Having said that, a push above $45,500 from here will confirm a bottom is in place around $40,000 and Bitcoin is heading towards $48,000-49,000 and higher in the near term.
Bitcoin has completed a corrective drop between $53,000 and $40,000 as seen on the chart. Although fibonacci 0.618 extensions are pointing towards $37,500 levels before resuming its rally, it is not mandatory. Traders might prepare to build long positions and look to add more if prices decline toward $37,500 mark.
Bitcoin is facing immediate interim support around $40,000, while resistance is seen close to $48,500-49,000 levels respectively. A push through $48,500 will be constructive for bulls and open doors toward $65,000 going forward.
Trading plan:
Potential rally toward $65,000, against $35,000.
Good luck!
