Bitcoin

Bitcoin Rejected Again At $45,000, Yet $50K Levels Appear Imminent by the End of Q1

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Mar 3, 2022

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Highlights

    Bitcoin gets rejected at $45,000 yet again after failing to sustain above the levels more than a couple of times in the previous month

    Despite the rejection, the BTC price appears to be on track to smash the $50,000 levels in a very short span of time

Bitcoin price in recent times is displaying a colossal momentum despite getting rejected at $45,000. The price had raised high to hit $45,400, the third time during the current cycle and failed to sustain. However, it is also witnessed that the BTC price may mirror a previous trend. And if in case the asset ranges high close to $45K and then $50K, then the price may hit the ATH very soon. 

The BTC price after jumping hard tend to correct to some extent. But that does not mean the bearish cartel have made their way out. The star crypto still trades above $40,000 and appears to be constructive, a popular analyst Cred shared some stratergy. The analyst said that the monthly close says that Bitcoin is still trading within a range of wide support of $33,000 and resistance of $47,000. However it is still in a sideways market. 

He further says that Bitcoin will gain bullish momentum and surge more than 30%. This is only possible if it successfully breaks through the $47,000 resistance levels. The probable reason may be that the buyers are jumping in at a higher price now. As the BTC price established a bullish higher-high & low in the last few days of February. Bitcoin smashed the resistance area multiple times which is still of course a bullish signal despite the pullbacks or rejections. 

The only reason to be confident about the uptrend is that the sellers are slowly getting exhausted. As the price is constantly testing $450,000 and getting rejected. And therefore a slight push may slice through these levels to test the next important resistance around $45,000. However, an analyst sees September 2021 as an accumulation currently and if exploded in a similar way, it may be the case to hit $50,000 anytime from now. 

Tha analyst believes the asset is accumulating in the same way it did in September 2021, by consolidation in an ascending way. The asset did not undertake a huge spike nor a bullish flip but maintained within the accumulation phase and ranged high to smash the ATH very close to $70,000. And currently, a similar possibility has been withnessed. And hence a fair chance of smashing $50,000 surpassing the pivotal zones at $48,000 appears to be imminent. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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