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

The post Bitcoin Price Achieves $45,000 Mark! BTC Price To Hit $50,000 During This Month? appeared first on Coinpedia Fintech News

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 BTC price 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%.

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.

Will BTC Price Hit $50,000 Soon?

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.