Bitcoin continues to move back above $44,000 with the bulls once again attempting to move towards the strong resistance at $45,000.
Bitcoin
Bitcoin price has recently been fluctuating steadily above the $43,500 area and moving towards the critical resistance of $45,000, indicating bullish sentiment among market participants.
However, there is still a chance that the price could decline in the short term and return to the $40,000 support level.
A closer look at the daily chart shows that Bitcoin’s upward trajectory has faded upon reaching the critical $45,000 resistance zone, a level that coincides with the upper boundary of the ascending channel, leading the price to enter a period of stability and volatility. Currently, the leading asset is trading within a critical range with resistance at $45,000 and strong support at $40,000.
The market is likely to maintain this accumulation pattern in the short term. However, due to the bearish divergence between the price and the relative strength index (RSI), a pullback to the lower boundary of the range is expected before a decisive breakout in either direction is awaited.
Looking deeper into the 4-hour chart, Bitcoin has entered a sideways period after surging past the $45,000 mark, reflecting a balance between buyers and sellers. During this accumulation phase, the price formed a sideways wedge pattern, fluctuating within the upper and lower thresholds. Notably, the lower trendline of the wedge pattern coincides with a key support level (marked by the 0.5 Fibonacci retracement level), providing strong support for BTC.
If the price breaks above the upper wedge level, it could push towards the $45,000 resistance level again. Conversely, if the price breaks below the wedge and the support area between the 0.5 and 0.618 Fibonacci retracement levels, the market could pullback to lower price points.
Meanwhile, the altcoin market is in the green as Bitcoin struggles towards the strong resistance at $45,000
NEAR Protocol (NEAR), Oasis Network (ROSE), and Bonk (BONK) were the three most active projects of the day, with their values all soaring by more than 20%.
Many other large projects in the top 100 also saw strong growth, with short-term profits exceeding 10%, including: Polkadot (DOT), Solana (SOL), Algorand (ALGO), Optimism (OP), PancakeSwap (CAKE), Flow (FLOW), Fantom (FTM), Arweave (AR), Cardano (ADA), Cosmos (ATOM), Theta Network (THETA).
Other altcoins, such as EOS (EOS), Chainlink (LINK), Celestia (TIA), Internet Computer (ICP), Hedera (HBAR), The Sandbox (SAND), Polygon (MATIC), Arbitrum (ARB), Mina (MINA), Aptos (APT), Avalanche (AVAX)… also surged by 6-9% in the short term.
Ethereum (ETH) price remains above $2,250 and is heading towards the $2,300 mark after the recovery in the past 2 days. Currently, ETH price is around $2,260, up 3% in the past 24 hours.
(Personal opinion, not a recommendation)
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle so that everyone can keep each other warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.
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