Bitcoin (BTCUSD) is Set to Re-test the $45,000 Resistance

BTCUSD is Set to Try the $45,000 Resistance Again

BTCUSD is set for a renewed challenge to surmount the $45,000 resistance, embarking on another attempt after finding support at the $40,200 level, coinciding with the central axis of its parallel channel. Despite an earlier robust ascent to $45,000, the cryptocurrency encountered formidable resistance at this crucial juncture.

BTCUSD Key Levels

Supply Levels: $45,000, $47,570, $50,000
Demand Levels: $42,000, $39,800, $38,000
The rejection at the $45,000 mark was reinforced by its alignment with the upper boundary of the parallel channel, amplifying the certainty of the setback. Nevertheless, the ongoing rebound from the $40,200 support, concomitant with the parallel channel’s midpoint, promises a substantial and assured lift for the price.

On the daily chart, the MA period 30 (Moving Average) maintains its position underlining the candlesticks, illustrating the enduring dominance of bulls in the market, even amidst the pullback. Simultaneously, the Stochastic Oscillator lines, having dipped close to the 50 mark during the pullback towards $40,200, suggest a potential resurgence in bullish momentum.

Market Expectations

Analyzing the 4-hour chart, the Stochastic Oscillator lines have rebounded to the overbought border, exhibiting fluctuations in that region. While the market previously traded below the MA period 30, it currently resides above it. This configuration positions BTCUSD for an anticipated upward movement toward the coveted $45,000 level.

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