The market leader has displayed price action as the BTC price crossed the $38,000 mark for the first time this year, indicating a strong bullish influence in the market.
Following the market pump in October, Bitcoin price constantly traded in a consolidated range between $33,913.37 and $35,219.03 for over two weeks, indicating a reduced price action in the market.
After multiple failed attempts to break out of the range, the bulls successfully regained momentum and broke out by recording a jump of over 5% in value.
The price was seen trading over the resistance level of $37,033.37 for a while, after which the price lost momentum leveled its gains, and retested the support level of $35,219.03. Since then the price has been constantly bouncing between the range of $36,000 and $38,082.91.
After multiple attempts, recently the price successfully broke out of its key level, but the rally was short-lived as the bears quickly pulled back the price.
The Moving Average Convergence Divergence (MACD) displays a constant price volatility in its chart, indicating a bear/bull power in the market. Further, the averages show a high possibility of a bearish convergence, suggesting the price will undergo correction in the coming time.
Will The BTC Price Achieve $45,000 This Year?
If the bulls push the price above its key resistance level of $08,082.91, the BTC price will regain momentum and prepare to test its upper resistance level of $39,001.86 in the coming weeks.
Maintaining the price at that level will set the stage for Bitcoin to attempt to test its target of 45,000 by the year-end.
Conversely, if the price continues to hover below its key level, the bears will regain control over the market, resulting in the BTC coin losing its value and falling to test its support level of $37,033.37 in the coming days.
Moreover, if a trend reversal occurs, it will start trading under a bearish influence, continue to dip, and prepare to test its lower support level of $36,000. If the market fails to hold the price at this level, it is predicted that Bitcoin may plunge further and test its low of $30,000 by the end of this year.
