Yesterday’s geopolitical news contributed to the improvement of the situation in the cryptocurrency market. During the Asian session, the price of Bitcoin was able to return above $44000 and hold throughout the day. In the evening, the BTC price tried to continue rising but met resistance above the level of 44500. As a result, it dropped to the area of 44000.
Today, the BTC/USD pair is moving along the mark of 44000, trying to stay above it. This level has become a new support level for the pair. If the BTC/USD falls below this level, we will see a decline to the area of 43800. Here the BTC/USD can hold for a while. A move below this level would trigger the descending to the area of 43150. The substantial support level lies at the area of 43000, just below that we see the 100 hourly moving average, which provides additional support.
On the other hand, holding the BTC/USD pair above the level of 44000 will increase the chances of a new test of the 45000 level. But first, the BTC/USD pair must overcome the intermediate resistance around 44200. Then it will face yesterday’s resistance level at 44500. The strong breakdown of this level will allow the new test of the resistance at 45000.
Analysts are optimistic and predict that the price of BTC will reach a monthly high soon. Bitcoin has good news background. Investors are reinvesting in risky assets. It provoked the growth of the Nasdaq and S&P 500 indices, and it also had a positive effect on the crypto market.
