Bitcoin is attempting to retest the crucial $45,000 mark but it was met with rejection. There is substantial volatility over the last 24-hours. At the time of writing this article, BTC was trading at $44,490 and has been up by 0.80% in the last 24-hours. In the last seven days, the popular cryptocurrency has gained 6.50%.
Bitcoin’s price has been making a series of higher highs and higher lows since March 13, and on March 25, BTC touched $45,082 but pulled back to $44,477 as it experienced resistance. Analysts highlighted that this was the fourth time for Bitcoin to retest resistance at $45,400. The much-loved cryptocurrency had managed to push to the highs of $45,899 in February but then there was a price crash and resetting of prices. Data charts show resistance levels at $70,000, $75,000 and $80,000 with support levels being $50,000, $45,000 and $40,000.
Analysts believe that if the bulls clear resistance at $45,400, Bitcoin will see the heights of $50,000. Bullish momentum will push forward to previous highs with BTC bound for the range between $50,000 – $52,000 price levels. However, the latest price movement shows that the bulls are finally ready to reverse the several-month-long bearish momentum soon. A strong resistance level remains at the $45,000 mark.
Meanwhile, Ethereum has lost 0.57% in the last 24-hours but remains above the $3,000 mark. It is trading at $3,123, as per CoinMarketCap. The altcoins are seeing red. Solana has lost 3.78% in the last 24-hours, Terra LUNA is down by 3.58% and Cardano has lost 2.73%. Ripple’s XRP, Avalanche, and Polkadot, as well as meme coins Shiba Inu and Dogecoin are in the red.
The market is mixed today.