Bitcoin Price Prediction: BTC Rally Takes A Hiatus At $46,000 Ahead Of Upswing To $55,000

• Bitcoin price slows down the new parabolic recovery slightly above $55,000.
• The 200-day SMA provides Bitcoin with the much-needed support to prevent a correction from wiping the gains to $40,000.

Bitcoin seems to have started another bull cycle following a lengthy battle in June and July to break the barrier at $40,000. Following the selloff from $65,000 in May, BTC explored levels marginally under $30,000 three times before the ongoing rally.