The market leader, Bitcoin price, displays a decent bounce back of approximately 4% after trading in the red for three consecutive days. This further highlights a strong bullish sentiment of investors toward the BTC price.
Moreover, the crypto industry has displayed a significant upswing following the FOMC meeting, indicating a rise in investor’s interest in this alternative to the traditional financial system.
The Bitcoin price traded in a closed range between $37,033.37 and $36,000 for a while, following which the market lost momentum and the price experienced a correction of approximately 5%.
The bulls held the price strong above the support level of $35,219.03, resulting in a bounce back, but the rally was short-lived as the star crypto faced rejection at $38,250. After this, the price traded in a narrow space between $36,000 and $37,033.37 for a while.
As the bulls regained momentum, the price broke out of the range. The price traded sideways for a week during this time, it experienced significant price fluctuations. After multiple attempts, the bulls regained momentum and broke out of their key resistance level at $38,250.
Bitcoin price recorded a notable run for the next few days as it gained over 17% in value, resulting in it recording a new yearly high.
The BTC price traded in a range between $43,168.23 and $44,716.58 for about a week, after which the bulls lost momentum, and the price recorded a drop of 6.8% in value. Recently, the market leader regained momentum by adding over 4% in value, indicating a high possibility of a trend reversal soon.
Will BTC Price Hit $45,000 This Week?
The Moving Average Convergence Divergence (MACD) displays a rising green histogram, indicating an increasing buying pressure for the coin in the market. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming days.
If the bulls hold the price above the support level of $42,019.78, the BTC price will regain momentum and prepare to test its resistance level of $43,168.23. Maintaining the price at that will set the stage for Bitcoin to attempt to test its upper resistance level of $44,716.58 this month.
Conversely, if a trend reversal occurs, the price will lose momentum and prepare to test its lower support level of $40,986.65. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its crucial level of $40,000 in the coming days.
