Convergence

2024

Bitcoin

Divergence

The post <a href="https://coinpedia.org/price-analysis/bitcoin-price-achieves-45000-mark-btc-price-to-hit-50000-during-this-month/" rel="noopener noreferrer nofollow">Bitcoin Price Achieves $45,000 Mark! BTC Price To Hit $50,000 During This Month?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
The year 2024 kicks off with a positive start as the market leader, Bitcoin price, achieved its $45K mark during the early Asian trading hours today. The crypto industry displays a strong bullish sentiment, indicating a positive outlook for this year. Further, the upcoming Bitcoin halving is set to play a major role as it is just months away.
The <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" rel="noopener noreferrer nofollow">BTC price</a> traded sideways for a while, after which the bulls gained momentum and recorded a jump of over 6% in value. After facing rejection at $42,019, the price traded sideways for a while following this, the price jumped over 5%.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/KL6ypnd1WSqSy4VR_0RWpGtUJOVjUogb3VonWG1FnE8ECFr3_GzHvW6u4XCM9f2CWsAkqwyq9x6Lv7B3mg3cjrUoAp4TdcTHhKYtRwIzyKODzXSfLbpARua4x1zikE3mQe8EIkWFASxvmw1Uw-ujWWA" alt="Bitcoin Price Analysis">
 <figcaption class="wp-element-caption">
 TradingView: BTC/USDT
 </figcaption>
</figure>
The Bitcoin price then traded in a closed range between $43,168 and $44,334 for over a week. As the market lost momentum, Star Crypto broke down its support level and booked a correction of approximately 8% in value.
Following this, the price traded in a range between $40,986 and $43,168 for over a week after which the the bulls gained momentum and broke out of the range.
However, the rally was short-lived as the price faced rejection at $44,334, resulting in the coin trading in a consolidated range between $42,019 and $44,334 for over a week.
Recently, the BTC price successfully regained momentum jumped over 8%, and reclaimed its $45,000 mark.
<h2 class="wp-block-heading" id="h-will-btc-price-hit-50-000-soon">Will BTC Price Hit $50,000 Soon?</h2>
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, suggesting an increased buying-over-selling pressure in the market. Further, the averages constantly rise, highlighting a bullpower in the crypto space.
If the bulls push the price above the resistance level of $45,539, the BTC price will continue to gain power and prepare to test its upper resistance level of $47,000 soon. Maintaining the price at that level will set the stage for Bitcoin to attempt to test its resistance level of $50,000 in the coming days.
Conversely, if a trend reversal occurs, the coin will lose momentum and fall to test its support level of $44,334. Moreover, if the bears continue to hold power, they will plunge and prepare to test their lower support level of $42,019 this week.

Bitcoin Price Achieves $45,000 Mark! BTC Price To Hit $50,000 During This Month?

Table of Contents

CoinPedia News

Другие статьи, опубликованные 2 янв. 2024 г.

Bitcoin’s Upward Trend Signals a Promising Month for Crypto Investors

Chainlink Shows Signs of Bull Pennant Formation, LINK Could Hit $34 If It Breaks Above This Level...

PlayDapp Talks: Year-End Recap - Celebrating a Year of Achievements and Looking Ahead

Cryptocurrency Spotlight: SEI, Solana, Arbitrum, Hedera, and Avalanche Lead Market Surge

Orbit Chain Hacker Swaps Stolen USDT for ETH, Rakes in $1.45 Million Profits

Salus Publishes 2023 Web3 Security Landscape Report

Join our free newsletter for daily crypto updates!