Can a Monthly Close Above $43,500 Turn the Tables for the Bitcoin Price Rally?

The post Can a Monthly Close Above $43,500 Turn the Tables for the Bitcoin Price Rally? appeared first on Coinpedia Fintech News

The bulls are gearing up for the first monthly close of the year, which is expected to have a larger impact on Bitcoin and the other cryptos throughout the quarter. Although the tokens started the yearly trade on a bullish note, the bears quickly restricted the rally midway. However, the BTC price has initiated a bullish push as the rally stepped in during last week’s trade. Now that the climax is fast approaching, the token is required to sustain above crucial levels in order to maintain a healthy upswing for the rest of Q1 2024.

The month witnessed the most positive events since the launch of the spot Bitcoin ETF. While the markets failed to react positively, they did not react negatively either about Grayscale transfers to the exchanges. However, the recovering interest allowed the market to redeem the correction a bit, which does not appear to have faded away. With the price failing to leave the boundaries that could have confirmed the end of the phase, it appears that the token underwent a false breakout of the support of $40,181.

Now that the BTC price is testing the crucial $43,000 resistance, here’s why closing beyond the pivotal resistance at $43,500 to $43,800 may lay down the bullish trajectory for the crypto markets on the whole.

The interest in Bitcoin continues to be high as the halving event is expected in early April and statistically the market is shedding ahead of a possible rally. Whales have an interest in getting into favourable positions, but the positive fundamentals and technicals have also attracted investors. Therefore, the price positioning above $43,000 is very important, as the price has entered the rising parallel channel that it traded in after the breakout in October 2023.

After testing the crucial $43,000, the levels have risen over the average levels of the channel as well as the parallel channel that it formed in December. Therefore, a bullish continuation may be expected while the DMI is flashing mixed signals. If the price closes the day’s trade above $43,000, the possibility of closing the monthly trade above $43,500 may be plenty.

Currently, the Bitcoin price is trading above the $43,118 support level on optimism and hence the price will be able to break the level easily if the bulls continue to actively test it.