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Bitcoin surpasses $45000! Here are the levels to keep an eye on

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Finally! Bitcoin breached its $45,000 level, after breaking through a series of resistance levels.

Source: BTCUSD on TradingView

Since the fall in May, Bitcoin price traded within a vast range between $30,000 and $42,000. As visible in the chart above, the crypto bounced between the highs and lows, while maintaining a mid-level at $36,500.

As per data collected earlier this year, $42,000 has been a crucial range. In January 2021, Bitcoin hit its first peak at $42,000, after which it underwent a period of brief correction to re-test the $42k peak before undergoing minimal correction to $30,000. However, as the price gained strength at $30,000, the market rallied the digital asset to a new high at $64,000.

We could see a similar breakout take place in the BTC market currently. If the market could sustain this rally, BTC could become range-bound at $49,000 and $52,000. However, this would be possible only if the price holds above $42,000. In case of a price reversal, BTC could drop to $36,500 which has previously proved to be a strong support.

At the time of press, Bitcoin was trading at $44,947 and the remaining crypto market was also marching higher. Ethereum has been leading this round of surge again as it witnessed an almost 27% rally in the past 2 days. Meanwhile, other alts were also noting a strong upward trends. This sudden rally has moved the market sentiment towards greed.

It can be seen that until last month, which was a few days ago, the market was still in ‘Extreme Fear’ level, however, as the price started to build higher, the sentiment has now reached ‘Greed’ and was gaining momentum.


Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.
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