Bitcoin surged over 6% in the first week of the new year, hitting $45,000 in 2024. This milestone holds significance for altcoins as it marks their highest level in 21 months. The last time BTC reached this level was in April 2022, during a bearish market peak that halted its ascent at $18,200.
Despite the recovery, Bitcoin hasn't breached the $45,259 resistance. This level played a pivotal role as support and resistance in February, March, and April 2022 and continues to act as a barrier. Although BTC briefly surpassed it during trading hours, it retracted and closed below.
The Relative Strength Index (RSI) remains significantly higher than the neutral line in the bullish zone, indicating cryptocurrency's continued momentum. This aligns with the anticipated approval of BTC ETF funds expected to launch in the coming week, likely acting as a catalyst.
Despite the recovery, Bitcoin hasn't breached the $45,259 resistance. This level played a pivotal role as support and resistance in February, March, and April 2022 and continues to act as a barrier. Although BTC briefly surpassed it during trading hours, it retracted and closed below.
The Relative Strength Index (RSI) remains significantly higher than the neutral line in the bullish zone, indicating cryptocurrency's continued momentum. This aligns with the anticipated approval of BTC ETF funds expected to launch in the coming week, likely acting as a catalyst.
