empty
08.02.2024 05:43 PM
Bitcoin consolidated above $44k: has the bullish rally resumed?

Bitcoin has been in a consolidation phase for the past week and a half, with the price locked within a narrow range of $40.5k–$43.4k. During this period, price changes fluctuated around 1%, and trading activity did not exceed $25 billion. Meanwhile, various categories of investors continued to actively accumulate BTC coins, but there was no clear confidence in the cryptocurrency's bullish prospects.

This image is no longer relevant

We considered two scenarios for Bitcoin's development, and as of February 8, the asset approached the realization of the bullish scenario. The cryptocurrency consolidated above $44k and continues to rise towards the $44.5k level. Trading volumes and buyer activity on the asset's network significantly increased, indicating the potential for continued growth. However, it is premature to claim that Bitcoin has fully resumed a bullish rally.

Bullish Scenario

Recall that the bullish scenario for Bitcoin involves the cryptocurrency resuming its upward movement to the $45k level after a local correction. Near this mark, the 0.618 Fibonacci level passes, which is a key resistance zone and, at the same time, the final zone for corrective movement in the long term. To eliminate the probability of a repeat decline and a retest of the shoulders level at $40.5k, the asset needs to break through $45k.

This image is no longer relevant

As of writing, Bitcoin is trading near the $44.5k level, with daily trading volumes around $24 billion. It is worth noting that trading volumes remain low, while the number of unique addresses on the BTC network continues to grow, which is a positive signal. Bitcoin is gradually approaching the broad accumulation zone of $44.5k–$45k, where a local pullback may occur.

This image is no longer relevant

On the 4-hour chart, the stochastic oscillator has entered the overbought zone, indicating the prospect of a cryptocurrency price pullback in the near future. Among the potential levels for a local correction, $43.9k and $43.4k can be highlighted. However, Bitcoin doesn't need to undergo a local correction immediately after the start of the rally, but resistance from sellers will increase. Therefore, fundamental macro factors may play a crucial role in the upcoming retest of $45k.

Fundamental Background

Moderate optimism is gradually returning to the cryptocurrency market, as well as to other financial markets. Investors still hope that the Federal Reserve System will begin easing monetary policy before the second half of 2024. As the Fed meeting has just concluded, and inflation data will be released next week, traders will be monitoring labor market indicators.

This image is no longer relevant

Conclusion

Bitcoin has emerged from a state of dormancy, and the cryptocurrency market has entered an active phase of upward movement. In the context of the global situation, this process occurs within the framework of a corrective movement, making it crucial for investors that Bitcoin consolidates above $45k. However, given the possibility of negative macroeconomic data, it is advisable to be prepared for a decline in BTC quotes. Considering that selling volumes remain high, this scenario also appears likely.

Pilih carta masa
5
min
15
min
30
min
1
jam
4
jam
1
hari
1
minggu
Jana pendapatan melalui perubahan kadar mata wang kripto dengan InstaForex.
Muat turun MetaTrader 4 dan buka dagangan pertama anda.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    SERTAI PERADUAN

Artikel yang dicadangkan

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 4 April

Bitcoin dan Ethereum sekali lagi berjaya menahan tekanan yang ketara, yang dikenakan ke atas kedua-duanya semalam pada penghujung hari susulan kejatuhan besar dalam pasaran saham AS — sebuah pasaran yang

Miroslaw Bawulski 09:09 2025-04-04 UTC+2

Bitcoin sekali lagi kalah dalam pertempuran

Kedua-dua Bitcoin dan Ethereum menunjukkan kekuatan mereka sebentar semalam di tengah sesi AS sebelum kenyataan Trump dan pengenalan tarif. Namun, permintaan terhadap aset berisiko kemudian menurun. Walaupun tarif tersebut berkemungkinan

Jakub Novak 11:36 2025-04-03 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 3 April

Bitcoin dan Ethereum meningkat bahkan sebelum keputusan Trump dan pengumuman tarif perdagangan, tetapi tekanan pada aset berisiko meningkat dengan ketara setelah itu. Sukar untuk mengatakan bahawa tarif yang baru diumumkan

Miroslaw Bawulski 09:02 2025-04-03 UTC+2

Analisis BTC/USD. 2 April. Bitcoin Juga Takut dengan Tarif Trump

Corak gelombang pada carta 4 jam BTC/USD kelihatan jelas. Selepas melengkapkan satu aliran menaik yang terdiri daripada lima gelombang penuh, fasa pembetulan menurun telah bermula—dan masih berterusan. Berdasarkan struktur

Chin Zhao 12:17 2025-04-02 UTC+2

Cadangan Dagangan untuk Pasaran Matawang Kripto pada 2 April

Bitcoin dan Ethereum bertahan pada kedudukan mereka menjelang suatu acara besar yang boleh mengubah landskap dagangan global. Satu lagi percubaan gagal oleh Bitcoin untuk menetapkan di atas paras $85,500 membawa

Miroslaw Bawulski 08:50 2025-04-02 UTC+2

Ethereum Jatuh. Bitcoin Kurang Terjejas

Walaupun pelancaran naik taraf ujian Pectra yang berjaya di ujian rangkaian baharu Hoodi—berkemungkinan langkah terakhir sebelum melancarkan kemas kini ke rangkaian utama Ethereum yang bertujuan untuk meningkatkan kebolehskalaan, pegangan

Jakub Novak 08:01 2025-03-28 UTC+2

Tip Dagangan untuk pasaran kripto pada 28 Mac

Bitcoin dan Ethereum sedang bergelut untuk terus bertahan. Usaha Bitcoin yang gagal sekali lagi untuk kekal di paras $88,000 menyebabkan ia dijual semasa sesi dagangan Asia hari ini. Ethereum mengalami

Miroslaw Bawulski 07:34 2025-03-28 UTC+2

Rang Undang-Undang Peraturan Kripto AS Bergerak Maju dengan Pantas

Penggubal undang-undang di AS sedang bergerak pantas untuk meluluskan undang-undang yang bertujuan mengawal selia aset digital. Pengundian bagi rang undang-undang stablecoin dan versi disemak semula bagi rang undang-undang struktur pasaran

Jakub Novak 10:52 2025-03-27 UTC+2

Analisis BTC/USD. 27 Mac. Bitcoin kekurangan potensi pertumbuhan

Struktur gelombang pada carta 4 jam BTC/USD adalah agak jelas. Selepas menyempurnakan aliran menaik yang terdiri daripada lima gelombang penuh, satu fasa pembetulan menurun telah bermula dan kini mengambil bentuk

Chin Zhao 08:31 2025-03-27 UTC+2

Cadangan Dagangan untuk Pasaran Mata Wang Kripto pada 27 Mac

Bitcoin dan Ethereum menghadapi cabaran dalam mengekalkan momentum kenaikan mereka. Walau bagaimanapun, ini nampaknya lebih kepada reaksi terhadap kenyataan politik terkini Donald Trump—yang menyebabkan penurunan permintaan untuk aset berisiko—daripada sesuatu

Miroslaw Bawulski 08:06 2025-03-27 UTC+2
Tidak boleh bertanya sekarang?
Tanya soalan anda di Ruangan bersembang.
Panggilan semula 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.