March 27, 2024
Bitcoin Hits $43,413.30, Amidst Resistance and Uncertainty in 2024
Bitcoin price today

Bitcoin Hits $43,413.30 Amidst Resistance and Uncertainty in 2024

Monday, February 5, 2024: The price of Bitcoin stands at $43,413.30, marking the start of the first full week of February with a tentative escape from a potential breakdown below $42,000. The price action remains in a tight range, with January gains capped at 0.6%.

Bitcoin faces resistance in the low to mid-$40,000 range, and bullish momentum struggles to overcome selling pressure. The market anticipates the upcoming halving, around two-and-a-half months away, with varying perspectives on price reactions. Some expect significant upward movement, possibly setting a new all-time high before mid-April, while others predict “business as usual” with no significant price action until months after the halving.

The current market scenario is marked by uncertainty, compounded by macroeconomic risks and fresh turmoil in Chinese equities markets. U.S. economic data surprises the markets, raising questions about the Federal Reserve’s economic policy and the timing of interest rate cuts, crucial factors for crypto and risk assets. Bitcoin’s weekly close at around $42,550 on Bitstamp is the second-highest of 2024.

Despite attempting to sell off, BTC/USD experiences bid liquidity that preserves the interest zone within a wider range existing for over 150 days. The key level to overcome is identified at $43,100, and traders are closely monitoring 1-hour and 4-hour trend movements.

In technical analysis, the Relative Strength Index (RSI) on weekly timeframes has reset to lower levels, standing at 68.9, just below the key 70 levels often associated with significant price upside. Additionally, the three-day Bollinger Bands chart indicates a substantial squeeze, with bands tighter than at any point since October 2023, hinting at potential price expansion, though the direction remains uncertain. Analysts suggest close observation of Bitcoin’s ability to hold trend lines and sustain moves above key levels to gauge the next market direction. Amidst the evolving landscape, the market awaits clearer signals and decisive movements in the coming weeks.

Image by fabrikasimf on Freepik

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