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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

The Level To Beat For Bitcoin To Register Another Bull Rally

Best Owie
Best Owie
1 year ago
3 mins read
Handing holding bitcoins

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Bitcoin remains on a positive recovery trend. One that could very well see it beat the coveted $45,000 resistance point. This price level remains the level to beat for the digital asset as this is where bears continue to mount the most resistance. Bitcoin had tested this level in the early hours of Friday but like always, met significant push that caused it to crash back down below it.

In the wake of this crash, the market saw bitcoin lose almost $1,000 in the space of two hours. However, this dip would be defined by a higher low as bitcoin had been able to find support above $44,000 and continue on its recovery. This demonstration at $45,000 shows that until the digital asset can successfully beat and settle above this level, it can never truly be said to have begun another bull run.

Related Reading | Quant Explains How Stablecoin Ratio Can Give Bitcoin Buy Or Sell Signals

The market is now turning favorable for buyers although sellers still maintain a majority hold on the market. If bitcoin is to beat $45,000 and register on another bull run, then buyers would have to turn up their support. Otherwise, bitcoin will continue to fail in its quest to beat this level. Thus leaving the market in what is threatening to be another long stretch of bear market.

In the short term, the indicators are turning bullish in favor of bitcoin. This comes after the digital asset cemented its position above the 50-day simple moving average, an important milestone for an asset looking to break out of a bear trend. This has successfully moved sentiment out of fear in regards to the asset and buying pressures are on the rise.

But Why $45,000 For Bitcoin?

The $45,000 level is important for bitcoin due to its trading trends in the last few months. Since the December crash, the digital asset has traded between the $36,000 and $44,000 level, never once successfully breaking above $45,000. This shows that this is where bears are taking their stand and a breach of this point would mean another resettlement into the bull territory.

In the same vein, $36,000 remains the point to beat for bears. As was witnessed the last four times bitcoin had broken above $40,000 and trended downwards again, significant support showed between $36,000-$38,000. A break below this point would be good news for bears as it would very well put the digital asset on a path down below $30,000.

Bitcoin price chart from TradingView.com

BTC seeing significant support around the $36k-$38k level | Source: BTCUSD on TradingView.com

Both these points have now become important make or break points for both camps, leading to a serious tug of war between the two.

Related Reading | Bitcoin Miner Revenue Grows By 7%. Here’s How Much They Made

Bitcoin is trading above $44,000 at the time of this writing. Indicators point towards another test of the $45,000 level but only if the asset can pick up enough buying momentum to recover above $44,600.

Featured image from BBC, chart from TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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