Bitcoin (BTCUSD) is Hesitating to Test $45,000

Azeez Mustapha


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BTCUSD is Hesitating to Make the Lunge Towards the $45,000 Price

Bitcoin (BTCUSD) is hesitating in approaching the $45,000 price level. Despite a robust bullish trend initiated in October, the cryptocurrency has encountered resistance at the $45,000 level, facing swift rejection and subsequently retracting to the $40,200 support level.

Bitcoin Key Levels

Supply Levels: $45,000, $47,000
Demand Levels: $42,000, $40,200
Bitcoin (BTCUSD) is Hesitating to Test $45,000This scenario echoes a previous occurrence in November when the price approached $38,000, requiring persistent testing before achieving a breakthrough on December 1st. Bitcoin now faces the task of sustaining upward momentum to breach the $45,000 resistance.

On the daily chart, the price has consistently traded above the 20-day Moving Average (MA), demonstrating bullish strength following a rebound from the $40,200 support level. The Moving Average Convergence Divergence (MACD) reinforces this sentiment, with its line positioned high and oscillating above the zero level, albeit with alternating histogram bars.
TradingView Chart

Market Expectations

Examining the 4-hour timeframe reveals a potential double bottom formation in the price, although its execution is hindered by the market’s hesitation to reach $45,000. Nonetheless, the 20-day MA acts as a supportive factor for the candlesticks, and the MACD has ascended back above the zero level, aligning with the potential for an upward thrust.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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