After being stuck in the high-$30k price range for almost two weeks, Bitcoin finally broke its sideways price action early yesterday, rocketing through $40k until finding support around $43k.
Bitcoin hit Fib Retracement levels on its way up, hitting slight resistance at $41k then sitting on support at $43k. The next level we’re looking for Bitcoin to break is $45k to confirm the end of the 4-month long bear market that sucked the entire crypto market into new local lows.
The price movement came as a surprise after international tensions were heightened following Russian nuclear weapons threats, the war in Ukraine, and global markets slumping. The rise in Bitcoin’s value could be attributed to a break-away from conventional markets as more investors are looking for an alternative to decaying fiat markets.
Bitcoin is currently the 14th most valuable currency in the world, beating the Russian Ruble at 17th place. Read more here.