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BTCUSD Finally Shatters the $45,000 Resistance Level
BTCUSD shatters the $45,000 resistance level, marking a breakthrough in 2024 for 2023’s sustained bullish momentum. Although the market initially reached this crucial level in early December, it faced rejection, leading to confinement below it. Despite this, the cryptocurrency maintained an upward trajectory along the mid-line of the Parallel Channel.
BTCUSD Key Levels
Supply Levels: $47,000, $50,000
Demand Levels: $45,000, $42,000
Following a series of fluctuations beneath the $45,000 resistance, BTC price has now surged beyond this key level, signaling the potential for further upward movement. The question arises whether buyers can leverage this bullish momentum to break out of the parallel channel that has guided the market upward.
On the daily chart, the price trades above the 20-day Moving Average (MA), rebounding off the confluence of the $42,000 support and the mid-line of the Parallel Channel. The Momentum indicator on the same chart indicates rising market momentum with the potential for further escalation, driving the price higher.
BTC/USD Market Expectations
The 4-hour timeframe reinforces the bullish sentiment, with the market trading above the MA period 20 and the Momentum indicator exhibiting a substantial rise from a previously ranging level. The challenge now is to maintain a position above $45,000 before embarking on further price ascension.
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