Bitcoin: Favorable NFP Report Could Propel Crypto to $50k - Key Levels to Watch
The cryptocurrency markets displayed notable activity this week, spearheaded by Bitcoin. Commencing the year on an upward trajectory, Bitcoin initiated a shift to break free from its sideways movement.
However, the optimistic momentum faced a temporary setback due to the emergence of negative speculation in the middle of the week.
Bitcoin experienced a swift uptrend in the final quarter of 2023, fueled by soaring expectations for ETFs. As December unfolded, the leading cryptocurrency embarked on a consolidation phase.
The onset of 2024 hinted at the commencement of a new upward trend. Nevertheless, the prospect was momentarily stalled by reports suggesting that the SEC might reject spot ETFs.
Looking at the daily chart, we saw that the decline on Wednesday continued to the lower band of the horizontal channel that we have been following since December and was met with reaction purchases at this point.
It can be seen that the region, which is considered a buying opportunity zone, was an important support area in the second half of December.
In addition, the short duration of the decline and the fact that the day's close remained above the EMA-21 value, which worked as dynamic support throughout the recent uptrend, was an important sign for recovery.
BTC moved towards the upper band of the horizontal channel after Wednesday's post-decline rebound encouraged investors.
Today, a retest towards the mid-band of the channel took place in the first hours of the day, while demand remained alive in the lower region.
While the $44,100 level is the closest resistance for Bitcoin today, if the cryptocurrency manages to enter the weekend above this resistance, this could re-trigger the bullish movement that took a break at the
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