Bitcoin (BTC) Trading at $46,000, with Resistance at $47,500 Key

Key Insights:

• A bullish Sunday session left Bitcoin (BTC) down by just 0.91% for the week ending April-3, 2022.
• Luna Foundation Guard demand for Bitcoin continued to deliver price support, while regulatory news was negative.
• Technical indicators are bullish, with BTC sitting above the 50-day EMA.

On Sunday, Bitcoin (BTC) rose by 1.29%. Reversing a 1.03% loss from Saturday, BTC ended the week up 0.91% to $46,414.

After a visit to $48,000 levels early in the week, resistance at $47,500 pegged Bitcoin back later in the week.

Bitcoin Fear & Greed Index Hits Reverse

Recovering from a March low of 21/100, the Bitcoin Fear & Greed Index rose to a late March high of 60 before easing back to sub-50 on April-02, 2022.

A bullish Sunday session, however, saw the Index move back to 52. Despite the move back through to 50 levels, the Index remained in the ‘Neutral’ zone.

The Index would need to move back through to the ‘Greed’ zone to bring $50,000 into play.

In the week, market reaction to the EU Parliamentary vote on KYC for private crypto wallets tested BTC support. LUNA Guard Foundation (LGF) BTC purchases were BTC positive, however.

By Friday of last week, LGF’s Bitcoin wallet ranked twenty-ninth, holding 30,728 BTC.

Bitcoin Price Action

At the time of writing, Bitcoin was down by 0.55% to $46,159. A mixed start to the day saw Bitcoin fall to an early morning low of $45,768 before finding support.

Bitcoin left the major support and resistance levels untested early on.

Technical Indicators

Bitcoin will need to move through the day’s $46,469 pivot to make a run on the First Major Resistance Level at $47,373. Bitcoin would need broader market support to break out from $46,500 levels.

In the event of another extended rally, Bitcoin could test the Second Major Resistance Level at $48,336 and resistance at $48,500. The Third Major Resistance Level sits at $50,205.

Failure to move through the pivot would bring the First Major Support Level at $45,509 into play. Barring an extended sell-off, Bitcoin should avoid sub-$45,000. The Second Major Support Level sits at $44,604.

Looking at the EMAs and the 4-hourly candlestick chart (below), it is a bullish signal. Bitcoin continues to sit above the 50-day EMA, currently at $45,920. This morning, BTC flattened on the 100-day EMA, testing support. The 100-day EMA pulled away from the 200-day EMA, which was BTC positive.

A continued hold above the 50-day EMA would support a return to $48,000 levels.