The price of Bitcoin has removed the resistance at $40,000 last week, as price bounced from the 200-day MA on the daily timeframe. This has made it possible for the price of Bitcoin to trade comfortably above the $40K resistance.
Bitcoin price reached $45k during the weekend, its highest price in over two months.
Price is currently reacting from the mini-resistance at $45k, as Bitcoin trades above its recent high of $42k. Bitcoin price is trading at $43,626 as at publishing time.
Bitcoin bulls are creating a higher-low and higher-high sequence as price breached above the $40k resistance. This is an indication that the market is in an uptrend. Higher-low higher-high sequence gives buyers confidence, as price reacts from the support and resistance area.
As shown on the 4hr chart below, price is making new highs and pulling back to the S&R area, giving buyers more confidence to push the price higher.
The price of Bitcoin is trading above the 200-day and 50-day MA, which is more indication that this is buyers' market. The gap between the 200-day and 50-day MA also continues to widen.
A break above $45k will see price rally to $50k, which is the next resistance level.
The price of Bitcoin is likely to create a new ALL-TIME HIGH before the end of this year. Goldman Sachs already predicted that the price of Bitcoin will get to $100k by 2022. But, with the way things are lining up for Bitcoin and with the adoption of Bitcoin and crypto by Big Institutions and investors, Bitcoin might get to $100k before the end of this year.