Bitcoin was stuck below $45k for a long time. Bulls tried to break through many times, but every time the price was rejected, bears took control of the market. However, this time things looked different as Bitcoin finally breaks the $45k resistance and rallied towards $47k. It even tested the $47.5K resistance, which bulls couldn’t break and retraced back.
Bitcoin price action
As you can see from the chart below, the price of Bitcoin fell from the $45k level multiple times. So, it was strong resistance, and for this bull run to continue, it’s essential that the price stays above this level. Even if we retest the resistance, Bitcoin needs to bounce back with a good volume. However, the possibility of moving up is much higher now.
We need to have a close eye on the $47.5k resistance. It is the 23.6% Fib retracement with a swing high at that level. You can also see in the chart that a bullish trendline is forming on the daily level as the price keeps moving up. On breaking the $47.5k resistance, we will test the 200-day Moving average at $48.3k. All other major MA and EMA have already been turned to support.
On the daily chart, the price of Bitcoin has been on the uptrend for 6 regular days. While I am no expert, it seems that a correction could be just around the corner. The important thing would be that the price of Bitcoin stays above $45k when that happens.
Altcoins are surging
Bitcoin’s bullish move also means that altcoins get to move even higher. The altcoin market seems to be taking off with this new rally. Ethereum has moved past the $3,300 level and is expected to rally even further as it has slowed down in the past couple of days. Other coins like DOT, LINK, ADA, SOL, LUNA have also seen gains in the past 24 hours.
It seems like a good time to take an entry into alts because Bitcoin just broke a major resistance. So, it could be possible that we see another major altcoin rally.
What are your thoughts as Bitcoin finally breaks the $45k resistance? And do you think we will move past $50k in April? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: The media keep lying about Bitcoin mining.
