Bitcoin (BTCUSD) Makes the Long-Awaited Breakthrough
Login

Bitcoin (BTCUSD) Makes the Long-Awaited Breakthrough

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong. Take 2 minutes to learn more


BTCUSD Makes the Long-Awaited Rally Beyond $43,750

BTCUSD makes the much-anticipated rally, surpassing the crucial $43,750 level. After the market saw a dip in mid-January due to difficulties breaking through the $47,000 resistance, it continued to decline until late January, when it approached $38,000. However, a revival occurred at the lower channel border, initiating a renewed uptrend. Bitcoin is now poised to confront significant resistance in surpassing the key level of $43,750.

BTCUSD Key Levels

Supply Levels: $47,000, $50,000
Demand Levels: $43,750, $42,000

Bitcoin (BTCUSD) Makes the Long-Awaited Breakthrough

To exert upward pressure on the $43,750 level, the price underwent over a week of consolidation, with $42,000 serving as a pivotal demand level. This consolidation period has finally culminated in a breakthrough beyond resistance, propelling Bitcoin into a rally towards the elusive $50,000 price level. However, it must contend with the weekly $47,000 resistance level once again.

The MA Cross (Moving Average) on the daily timeframe initiated an upward cross at the crucial $42,000 level in early February. This upward trend is expected to persist, providing support to the daily candlesticks. The RSI (Relative Strength Index) line exhibited a significant upward movement from the 50 mark, reaching the overbought border, suggesting further upward momentum for the market.

Bitcoin (BTCUSD) Makes the Long-Awaited Breakthrough

On the 4-hour timeframe, despite the market being in an oversold condition according to the RSI indicator, crypto signals indicate an anticipation of additional upward movements. The 4-hour candlesticks’ supporting MA Cross lines serve as further evidence for this. The upcoming challenge lies in surpassing the $47,000 resistance level, with expectations high for continued positive market developments.

How To Buy Lucky Block

NoteLearn2.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.

 

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News