Bitcoin Price Analysis: A New Yearly High is Only Expected if BTC Price Exceeds These Levels

The post Bitcoin Price Analysis: A New Yearly High is Only Expected if BTC Price Exceeds These Levels appeared first on Coinpedia Fintech News

Bitcoin dominance has risen significantly since the start of the year and has now approached a crucial juncture. This indicates that Star Crypto enjoyed a constant rise in interest and liquidity over time. Despite this, altcoins did not face any liquidity crisis or FOMO to a large extent, as the market participants were equally engaged with other platforms. However, the trade has now approached a crucial juncture that may propel the Bitcoin price to the next level soon.

The BTC price jumped off the channel support that it held for quite a long time, indicating the resurgence of a bullish trend. Despite the recent pullback, the price continues to display bullish signals. With a successful breakout,  the token accomplished a positive pattern with a complete retest of a critical level necessary for its bullish continuation.

So Will the BTC price close the yearly trade above $45,000?

In the short term, the trade appears to be in a conclusive phase and is expected to hover along the resistance. With the rally trading within a symmetrical triangle, there is both the possibility of a bullish breakout and a bearish pullback. The RSI suggests bullish sentiment could prevail, with a rise beyond the pivotal resistance at $43,263.61 paving the way for new highs before the end of the year.

Will the BTC price hit $45,000 in 2023?

The Bitcoin price is changing hands at around $42,860, with a slight decline of 0.24% in the last 24 hours, while carrying more than a 4.5% upswing in the past 7 days. The price did test the lows but did not take the liquidity beneath the lows. Hence, it can be considered that the correction seems to have ended. Further, a fine rise towards $47,000 to $50,000 is on the horizon for the Spot ETFs.