Breakout done, flip pending – The price of bitcoin (BTC) leaves the zone of $42,000-$43,000. Traders and analysts are talking about the start of a potential bullish breakout, while remaining cautious about the strength of this rise. They are advancing key confirmation levels for a sustained return of bulls to the markets.
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Bitcoin at $44,000+: Key Levels to Watch to Confirm Upside
Bitcoin price goes up up to around $44,500 on Bitfinex today, February 15, 2022. It is currently holding above $44,000. Bitcoin is trading at $44,161 at the time of writing, and is seeing a solid daily gain of 4.62%.
Analyst Matthew Hyland shared a chart on Twitter showing bitcoin breaking a 4-hour downtrend, as did the RSI over that timeframe. He also pointed to the “bullish crossover” in the MACD on this timeframe.
The trader Rekt Capital also confirmed a breakout on this period:
“#BTC broke out of its downtrend channel and reclaimed the 4HR range it lost only a few days ago. »
Is bitcoin trading in the $44,000-$45,000 area enough to hope for a lasting bullish recovery that would finally bring the price of the cryptocurrency back above $50,000?
Trader Rekt Capital once again indicated the need for bitcoin to turn the 50-week exponential moving average (blue line) into support to confirm the upside.
He also showed in a graph, the existence of a significant annual resistance around $46,600.
The trader known as Johny believes that bitcoin must transform the $46,000 in supportthe opening price level of this year 2022, to avoid waiting to “buy back lower” than current levels.
The trader known as Phoenix shared a chart to illustrate that today’s rise is among the “early signs of a trend break. He points out, however, that bitcoin must confirm this rise by a local high above $45,500.
The flat calm of the past few days on the markets has given way to a rise that feeds hopes – cautious – a return to $50,000+, provided the bulls don’t miss crucial rendezvous above key bullish confirmation levels.
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