Bitcoin (BTCUSD) Aims for $50,000 Threshold

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.

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