Bullish Bitcoin price prediction bets appear to have faded as the advance beyond 40,000 has stalled. Following the bounce on the 29,300 mark, Bitcoin prices embarked on the longest bull run it has had since the collapse of prices in May 2021. Price touched off the 40,000 price level on Monday, Wednesday and earlier on Thursday, but buying momentum appears to have dried out.
With no major news event impacting price action, and the RSI indicator approaching overbought levels, the stage appears set for Bitcoin prices to range trade between the identified price boundaries.
According to its CEO Elon Musk, Tesla holds as much as 42,069 BTC. This confirms speculation that whales have been doing a lot of Bitcoin buying, with prices having dipped to 2021 lows around the 30,208 price mark.
Bitcoin prices are currently down 0.32% as of writing.
The daily chart shows an emerging range with 40750 as the ceiling and 30208 as the floor.
Barring any further upside momentum on the BTC/USD pair, we can expect a resumption of the oscillatory price move to the south, as the price heads to the floor. This move would have to take out support levels at 37455, 35297 and the 32000 psychological price level.
Otherwise, a break of 40750 opens the door towards 43569, with 46203 and 50,000 lining up as the targets to the north. At this point, 27658 and 24055 are only viable targets to the south if the 30208 support that has held since 2021 collapses.