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Breaking: Bitcoin slices through $45,000, targets $50,000 next

Breaking: Bitcoin slices through $45,000, targets $50,000 next
FXStreet TeamFXStreet TeamFXStreet

Bitcoin price has reached $45,000 after gaining more than 7,500 points in market value over the past ten days. Even though this resistance level has managed to reject BTC price each time it has been tested since the beginning of the year, it appears there is enough buying pressure to break through it finally.

If the pioneer cryptocurrency manages to close on the daily chart above $45,500, it will signal a breakout. Sidelined investors may try to get back into the market, pushing Bitcoin price higher. The 200-day moving average at $48,000 may act as resistance on the way up, but ultimately BTC could target $50,000. 

Bitcoin Price Chart

BTC/USD daily chart

It is imperative to watch out for a daily candlestick close above $45,500, which could signal the resumption of Bitcoin's historic uptrend. 

Author

FXStreet Team

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

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