After a few weaker days, the Bitcoin price has picked up speed again and has risen above the $44,000 mark. Can the price of the major cryptocurrency attack the resistance at $45,000 and do we see a move to $50,000 any time soon?
Bitcoin price rises again after recovery
In the last few days we have seen a slight decline in the Bitcoin price. After rising above $40,000, the Bitcoin price was preparing to even surpass $45,000 and thus attack the $50,000 mark in the coming days.
However, we saw a clear resistance at the $45,000 level. The Bitcoin course tested this mark several times, but could not surpass it and subsequently had to accept slight losses. The price fell back to $42,000. This little correction is now over.
Bitcoin price surges above $44,000
In the last few days, the Bitcoin price has remained in a slight correction. After failing to surpass $45,000, we saw the price drop to $42,000. The price stayed at this value for some time until we saw a significant increase again today.
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The bitcoin price surged above $44,000 and looks set to continue growing. Now it seems possible that Bitcoin can finally surpass $45,000 and thus finally break the upper resistance.
Hash rate at all-time high
Bitcoin has been fundamentally extremely strong in recent weeks. Above all, this shows the Bitcoin hash rate, the value of the strength of global mining activities. Here the hash rate experienced a massive jump in the last few days, after the value had been rising continuously in the past few weeks.
The strong fundamentals suggested that the Bitcoin price should continue to grow. Therefore, the price increase of the last few hours comes as no surprise. We should therefore be able to expect rather bullish price movements in the medium term as well.
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