The Bitcoin price has fallen back to $43,000 and was once again unable to break through the resistance at $45,000. However, if BTC manages to break this $45,000 barrier, prices should continue higher towards $50,000. Will Bitcoin correct lower or will it continue on its upward trend? Let’s analyze!
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Bitcoin Price RETRACES from the 45K Resistance
Bitcoin price suffered another slight setback after attempting to break back to the upside. In the last few days, we have seen a massive rally above $40,000 after a long battle with the resistance at $39,000.
The Bitcoin price struck this mark several times before the breakout occurred and Bitcoin rose above the $40,000 mark. The price is now looking to repeat the same thing as it attacked $45,000 as upper resistance for the past few days. However, Bitcoin has not yet been able to break through this mark and bounced off the resistance. We can clearly see in figure 1 how Bitcoin prices retraced from the 45K resistance area.
Bitcoin Price Trying to push back
The Bitcoin price has tried to break through the $45,000 mark several times in the past few days. However, resistance at 45,000 is proving to be stubborn. We experienced something similar with the $39,000. Again, Bitcoin had to test the mark multiple times before the big breakout to the upside came.
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A few hours ago, the Bitcoin price rose to $45,600, where it was rejected again. As a result, the price fell to a current price of $43,600, where prices stabilized currently.
Bitcoin Price Prediction – Will Bitcoin Consolidate?
There was hope that Bitcoin price could quickly break the resistance and launch an attack on $50,000 this weekend. However, resistance seems arguably similar in strength to the old resistance at $39,000.
So the price probably needs a few days until the upper resistance could fall. However, the trend is still bullish and the strong fundamental data of bitcoin seems to be slowly reflected in new bullish price targets. The big correction at the turn of the year seems to be over for good.
If prices were to fall below $43,000 again, we might reach the 38.2% retracement area that is delimited by the price of USD 41,150. On the other hand, after 2 reversals, technical traders are hoping for a breakout higher, eventually to $50,000.
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