After breaking above the crucial resistance of $40,000, Bitcoin’s (BTC) price has reached a new two-month high of $43,901. The leading cryptocurrency has managed to transform long-standing resistance into key on-chain support, putting it on track to break through the $45K barrier next. The top cryptocurrency is currently trading at $43,716, up 7.13 percent, and appears to be on track to test the $50K resistance level soon.
BTC’s next major obstacle is at $45K, which, if it maintains its bullish momentum, will turn into support and lead to a move to $50K. The most popular cryptocurrency has risen from a nearly three-month price slump characterized by a gloomy mood. For the first time in four years, it recorded ten consecutive daily green candles.
For the second time this month, Bitcoin is breaking out of a two-month range, and a clear break would make the path to $50K much simpler.
Many conventional commentators predicted the end of the bull season during the top of the market sell-off, when Bitcoin appeared vulnerable, dipping below $30K on a couple of occasions. Bitcoin proponents, on the other hand, have been predicting that the top cryptocurrency would eventually recover from its bearish trend, and current price movements have proven them correct.
A sizeable chunk of Bitcoin is edging further away from exchanges.
The amount of Bitcoin supply stored on exchanges has been steadily decreasing as Bitcoin prices have risen. In the last week, a considerable amount of BTC held on exchanges was shifted once more. Traders frequently move their holdings to Hodl in anticipation of a price rise; therefore, the migration of Bitcoin supply away from exchanges is considered positive.
During the recent price spike, the leading cryptocurrency’s market worth surpassed $800 billion, while the total market cap of all cryptocurrencies surpassed $1.75 trillion.
Bitcoin’s Price Has an Opposite Relationship to Gold
The price of bitcoin against gold had an opposite relationship this week, with the price of BTC largely rising while the price of gold fell. In the store of value competition, BTC and Gold are frequently placed against each other, and BTC is obviously leading in terms of return on investment at the moment (ROI).
FAQs
Q1: What is the next major resistance level for Bitcoin?
Bitcoin’s next key resistance is $45,000, which, if broken, could pave the way for a move toward $50K.
Q2: Why is Bitcoin’s supply on exchanges decreasing?
Many investors are moving BTC to private wallets for long-term holding, anticipating a price increase.
Q3: How does Bitcoin’s performance compare to gold?
While gold prices have declined, Bitcoin has surged, outperforming gold as a store of value.
Q4: What does ten consecutive green candles mean for BTC?
It signals sustained bullish momentum and renewed investor confidence in the market.
Final Thoughts
Bitcoin’s recent breakout above $40K and its steady climb toward $50K demonstrate a strong recovery phase in the crypto market.
With falling exchange supplies, increasing institutional confidence, and positive investor sentiment, BTC’s path to $50K appears more achievable than ever.
