The leading cryptocurrency in the world has had a positive performance to show for a couple of days now after spiraling down with other digital tokens.
Bitcoin has seen its value skyrocket to another level, which may partly be explained by the high demand for cryptos, primarily due to the ongoing standoff between Russia and Ukraine, where digital currencies are now used more than before.
In another twist to consolidate its price further, which is almost $43,000, Bitcoin is attempting to reach and outpace the $45,000 resistance level against the USD.
At present, the BTC has spiked above the $45,000 resistance and is trading over $45,349 at the time of writing. Its hourly trading price is $43,000, which was further affirmed by the hourly movement it has shown throughout the past 24 hours.
BTC Price Still Supported
Bitcoin’s price has been in the support zone for a long time at $43,000, with the BTC making attempts to initiate a movement that could see the price move above the $44,500 level should any bullish market activity occur. Additionally, the price managed to rise above the $45,000 resistance mark.
However, Bitcoin recorded no upward continuation above the $45,350 level in all these, but a high of $45,349 was formed, which saw the price appreciate significantly. Alternatively, a move was recorded under the $44,500 and $45,000 levels.
At 23.6%, the price tested the retracement zone meant for any upward bound movement starting from $37,030 and moving back and forth to $45,349.
Bitcoin is currently trading at $43,000 with a 100-hour moving average. A significant bullish trend curve is forming when the support is nearing $42,500 on the hourly movement chart of the BTC.
BTC/USD Trading. Source: TradingView
From all indications, Bitcoin is now experiencing resistance at the $44,250 level after the initial resistance was nearing the $45,000 level. An unrestricted move above the $45,000 resistance may spark an attempt at a considerable price increase. If all things were aligned, the price might even rise above $45,500 and aim for the $46,500 resistance mark.
Furthermore, should all the predictions about the price of the BTC take place, the next major bullish trend may see the value of Bitcoin near the $47,200 range.
Is BTC Dips Ending?
Analysts gave further insights on how significant changes or even a brief move could spell the beginning of either positive or negative market performance for Bitcoin. As such, if Bitcoin cannot move past that $45 000 resistance zone, then a downside correction is imminent.
The next significant support is anticipated near the $43,000 level, also known as the trend support line. Should a downside move break below the support line, this could start the price decline near the $41,200 mark. The fall is even near the 50% Fib retracement zone, where prices swing from low to high, back and forth.
Bitcoin can maintain its current situation or surpass it, but there is no guarantee that the ongoing gains will last a long time.