2024 is off to a positive start with the price of market leader Bitcoin hitting $45,000 in early Asian trading hours today. The cryptocurrency industry is showing strong optimism, indicating a positive outlook for the year ahead. Moreover, the upcoming Bitcoin halving is expected to play a significant role as it is only a few months away.
After trading sideways for a while, BTC prices gained momentum and surged more than 6%. After being rejected at $42,019, it trended sideways for a while and then surged more than 5%.
Bitcoin price has since 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 levels and recorded a value correction of around 8%.
The price then traded in a range between $40,986 and $43,168 for over a week before the bulls gained momentum and broke out of the range.
However, the rally was short-lived as the price was rejected at $44,334, resulting in the coin trading in a consolidated range between $42,019 and $44,334 for over a week.
Recently, BTC price successfully regained momentum and surged more than 8% to regain the $45,000 level.
Will BTC price reach $50,000 soon?
MACD (Moving Average Convergence Divergence) has an upward green histogram, indicating increasing buying/selling pressure in the market. Additionally, the average continues to rise, highlighting the strength of the cryptocurrency space.
If the bulls push the price above the resistance level of $45,539, BTC price will continue to gain strength and soon get ready to test the upper resistance level of $47,000. Holding the price at this level would set the stage for Bitcoin to test the $50,000 resistance level in the coming days.
Conversely, if a trend reversal occurs, the coin will lose momentum and fall to test the support level at $44,334. Moreover, if the bears continue to strengthen, they will likely move lower and prepare to test the lower support level of $42,019 this week.