BTCUSD Approaches Key Resistance Level at $45,000

BTCUSD Grapples to Reach the $45,000 Resistance Level

The $45,000 resistance level looms as the next significant hurdle for BTCUSD. Recent bullish momentum has propelled the cryptocurrency beyond various key resistances, including the significant $38,000 level. Currently, attention is focused on surmounting the $45,000 resistance, with determined bullish efforts in play.

BTCUSD Key Levels

Supply Levels: $45,000, $47,570, $50,000
Demand Levels: $42,000, $39,800, $38,000

Initial contact with the $45,000 resistance resulted in a robust rejection, causing a retreat below the upper border of the parallel channel. Presently, the BTC market is struggling for dominance above this border, aiming for a continued ascent toward higher levels.

Examining the daily chart, the Moving Average with a period of 40 (MA 40) provides a foundational underline for the market, with the price surging above it. The Relative Strength Index (RSI) indicator reflects aggressive buyer behavior, with its line situated in the upper half and entering the overbought region.

Market Expectations

In the 4-hour timeframe following the rejection at $45,000, a retracement has ensued, pulling the price beneath the upper border of the parallel channel. The RSI line retreats from the overbought region. However, the trending upward MA period 40 remains positioned to offer robust support, potentially at $42,000, should a pullback precede a continued bullish trajectory.

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