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BTCUSD Aims to Reach the $50,000 Major Level
BTCUSD aims steadfastly for the $50,000 mark, having previously encountered resistance below $45,000. Despite this hurdle, persistent buyer strength elevated the limit to $47,000. Now, with a clear focus on $50,000, the cryptocurrency is navigating an ascending channel, potentially requiring a breakout for expedited attainment.
BTCUSD Key Levels
Supply Levels: $45,000, $47,000, $50,000
Demand Levels: $42,000, $40,200, $38,000
Throughout the past month, Bitcoin fluctuated between $45,000 and $40,200 until bulls gathered momentum at the onset of this week. The crypto surged, nearly reaching $50,000, yet faced formidable resistance at $47,000, leading to a retracement.
On the daily chart, surpassing the $45,000 level extended the upper Bollinger Band to $47,000, contributing to a subsequent decline below $45,000. The RSI (Relative Strength Index) line dipped beneath the overbought region but maintained lateral movement above the 50 mark.
Market Expectations
Examining the 4-hour timeframe reveals the upper Bollinger Band’s role in pushing the price below $45,000 and the parallel channel’s upper border. A renewed rally is required to surpass these barriers and progress toward the $50,000 goal. The 4-hour RSI indicator echoes the daily chart, now descending below the 50 mark towards the oversold border.
How To Buy Lucky Block
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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