empty
InstaForex Loprais Team - Official participant of the Dakar rally
InstaForex Loprais Team - Official participant of the Dakar rally
This section is designed for those who are just starting their trading journey. InstaForex educational and analytical materials will meet your training needs. Our experts' recommendations will make your first steps to trading success simple and clear.
Start as Beginner
How to start trading
Useful information
Training and recordings
InstaForex innovative services are an essential element of productive investment. We strive to provide our clients with advanced technical capabilities and make their trading routine comfortable as we are recognized as the best broker in this regard.
Become Investor
PAMM System
ForexCopy System
Passive investments
Partnership with InstaForex is beneficial and top-tier. Join our affiliate programs and enjoy bonuses, partner rewards, and the possibility to travel with the team of the world-renowned brand.
Become Partner
Main Page
Partner Area
Advantages for Affiliates
Registration
This section contains the most lucrative offers from InstaForex. Receive bonuses when topping up an account, compete with other traders, and get real prizes even when trading in a demo account.
All Promo Campaigns
Bonuses
Contests
Events
Holidays with InstaForex are not only pleasant but also useful. We offer a one-stop portal, numerous forums, and corporate blogs, where traders can exchange experiences and become successfully integrated into the Forex community.
Full details
Forums
We are in social networks
Forex humour
Forex Portal
InstaForex is an international brand created in 2007. The company provides services for online FX trading and is recognized as one of the world's leading brokers. We have won the trust of more than 7,000,000 retail traders, who have already appreciated our reliability and focus on innovations.
Learn More
History
Why Choose Us
InstaSport
Regulation
Company News
Awards
InstaForex Stars
InstaForex Offline
Headquarters
Key documents
Social Responsibility
02.01.2024 02:56 PM
Bitcoin made a bullish breakout of the $45k level: what to expect next?
Open trading account Open demo account

Bitcoin begins 2024 by reaching a new local high above the $45k level. Recall that at the end of 2023, the cryptocurrency established a local high near the $44.9k mark, after which a correction began. As of January 1st, Bitcoin has made a bullish exit beyond the fluctuation range of $40.5k–$43.4k. The second day of the new year started with a bullish momentum for BTC, thanks to Asian markets.

This image is no longer relevant

The cryptocurrency continues its confident upward movement above $45k and has every chance to firmly establish itself above this psychological mark. The trend of increased growth in BTC/USD quotes may continue after the opening of the American trading session. Therefore, it is logical to assume that the $50k level will become the new major target for Bitcoin.

Bullish Sentiments are Growing

It's no secret that this week could decide the fate of several applications for the approval of a spot BTC-ETF. The deadline for the U.S. Securities and Exchange Commission to approve the first batch of applications is approaching, and according to Bloomberg reports, such approval is expected. Against this backdrop, there is a positive sentiment in the market after the opening of the trading session following the holidays, especially among large investors.

It is reported that institutional investors are opening long positions on BTC with a significant premium on the CME, which is a rare occurrence and indicates high interest from large capital in the asset. The last time "whales" opened positions with a significant premium, BTC/USD quotes increased by more than 25%. Glassnode also reports that on December 30th, investors withdrew more than 28,000 BTC ($1.1 billion) from cryptocurrency exchanges, which is the maximum for the year.

This image is no longer relevant

Such activity from large capital is undoubtedly linked to the upcoming approval of one or more BTC-ETF applications. The head of VanEck stated that the cryptocurrency market will become the most interesting segment for investment, and Bitcoin is awaiting a powerful bullish rally. At the same time, Goldman Sachs notes that the approval of a BTC-ETF could become a "sell the news" event. However, analysts are confident that the approval of BTC-ETFs will attract more institutional investors to the cryptocurrency space.

BTC/USD Analysis

Bitcoin ended 2023 in a state of uncertainty due to the potential formation of several technical analysis figures—double top and triangle. As a result of a strong bullish impulse on the first and second of January, we witnessed the execution of the "triangle" figure. Bitcoin made an upward breakout of the $43.4k resistance level, and subsequently the $44.9k level. The "double top" figure lost its relevance, but there is still a possibility of forming a "triple top" pattern.

This image is no longer relevant

However, the chances of such a figure forming in this situation are minimal, as after a local consolidation within the range of $40.5k$–43.4k, an upward trend formed. Each subsequent low was higher than the previous one, indicating an increase in buying activity, and as a result, a minimal probability of forming a "triple top" pattern.

Summary

Bitcoin kicks off the new trading year powerfully, and events such as the approval of a spot BTC-ETF, the halving, and the reduction of Federal Reserve interest rates will allow the asset to update its all-time high. As for short-term targets, the final consolidation above $45k and creating a foundation for further growth will be the main objective for the bulls. A breakout and consolidation above $50k can be considered the main medium-term target for the bulls, which will become much more feasible after establishing a foundation at $45k.

Artem Petrenko,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
All Analytics
Trading plan
Trading Recommendations and Analysis for EUR/USD on May 6: Surprising and Unbelievable On Monday, the EUR/USD currency pair resumed its favorite activity right from the morning—moving north. It was revealed that after a three-week pause, Donald Trump decided to bring
Paolo Greco
03:32 2025-05-06 +02:00
1015
Fundamental analysis
Fed Rate Cut Probability Is Near Zero This week marks the third Federal Reserve meeting of the year. At the first two meetings, monetary policy parameters remained unchanged, and there is virtually no chance of a rate
Chin Zhao
00:50 2025-05-06 +02:00
1150
Breaking Forecast Trading Plan Cryptocurrencies USD/RUB Russian Economy Video Analysis
Trading Instruments
EURUSD GBPUSD USDCHF USDCAD USDJPY AUDUSD EURGBP EURJPY NZDUSD EURNZD Silver Gold #CL #USDX COVID-19 Bitcoin
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Bitcoin Loses Its Foothold and Balances on a Knife's Edge: The $95,000 Trap

Bitcoin is under pressure once again. On Monday, the price of the world's largest cryptocurrency dropped below $95,000, and this is more than just another correction. It's a symptom
Ekaterina Kiseleva 00:50 2025-05-06 UTC+2

Stablecoin bill in jeopardy

Bitcoin and Ethereum have declined, and the broader cryptocurrency market reacted negatively to news that the bipartisan GENIUS Act—Guiding and Enabling National Innovations for Unleashing Stablecoins—was expected to reach
Jakub Novak 15:04 2025-05-05 UTC+2

Trading Recommendations for the Cryptocurrency Market on May 2

Bitcoin and Ethereum buyers have achieved new key resistance levels, indicating strong demand. Bitcoin has reached the $97,400 level, while Ethereum has approached the $1,870 mark. Meanwhile, the buzz around
Miroslaw Bawulski 09:15 2025-05-02 UTC+2

Technical Analysis of Daily Price Movement of Chainlink Cryptocurrency, Friday May 02, 2025.

With the appearance of the Bullish 123 pattern followed by the appearance of the Bullish Ross Hook which managed to break the previous downtrend line and the Stochastic Oscillator indicator
Arief Makmur 08:01 2025-05-02 UTC+2

Bitcoin: Who's Behind the New Accumulation and Where Is the Price Heading?

Amid a steady outflow of coins from exchanges, renewed futures market activity, and a rise in short-term holders, the world's largest cryptocurrency lays the groundwork for a potential move that
Ekaterina Kiseleva 01:03 2025-05-02 UTC+2

Bitcoin: why May could become pivot point for crypto market

While financial mainstream market participants are mulling over recession risks and interest rates, Bitcoin is steadily gaining ground. April has turned out to be the strongest month for the leading
Ekaterina Kiseleva 16:05 2025-04-30 UTC+2

What could help Bitcoin to advance to new level

While Bitcoin—and the entire cryptocurrency market—awaits crucial US economic data that could shape the Federal Reserve's path, Goldman Sachs has shared what it believes could help crypto reach
Jakub Novak 13:25 2025-04-30 UTC+2

Bitcoin and Ether hold their ground

Yesterday's sharp intraday declines in Bitcoin and Ether were quickly bought up, signaling ongoing interest from traders and investors who are simply waiting for more attractive buying levels. Meanwhile, lawmakers
Jakub Novak 12:59 2025-04-30 UTC+2

Trading Recommendations for the Cryptocurrency Market on April 30

Bitcoin and Ethereum buyers continue to take advantage of the good moments of the market decline and buy it out quickly, as demonstrated today during Asian trading. Importantly, Bitcoin
Miroslaw Bawulski 08:57 2025-04-30 UTC+2

BTC/USD Analysis on April 29, 2025

The wave pattern on the 4-hour chart of the BTC/USD has become somewhat more complex. We observed a corrective downward structure that completed its formation around the $75,000 mark. After
Chin Zhao 11:30 2025-04-29 UTC+2

Top analytics

Relevance up to 09:00 UTC--4
EUR/USD Analysis – May 5th. Trump's New Tariffs Fail to Impress
18:06 2025-05-05
Wave analysis
Relevance up to 09:00 UTC--4
GBP/USD Analysis – May 5th. What is the Bank of England preparing for us?
18:09 2025-05-05
Wave analysis
Relevance up to 12:00 UTC--4
Fed Rate Cut Probability Is Near Zero
00:50 2025-05-06
Fundamental analysis
Relevance up to 10:00 UTC--4
GBP/USD. The Pound and Politics
00:50 2025-05-06
Fundamental analysis
Relevance up to 11:00 2025-05-10 UTC--4
The Dollar Sell-Off Shows No Signs of Slowing Down
00:50 2025-05-06
Fundamental analysis
Can't speak right now?
Ask your question in the chat.
Widget callback
Callback widget
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.