Bitcoin Fails to Break $45,000 Resistance 7 Times in Row: Technical Analysis

AnalysisBitcoin Fails to Break $45,000 Resistance 7 Times in...



Arman Shirinyan

Bitcoin struggling to get to new highs since the beginning of the year

Bitcoin’s run in March may have seemed like a relief rally that would bring the first cryptocurrency back to the top and become the beginning of a new long-term uptrend, but unfortunately for the market, BTC failed to reach $50,000 and break through for the seventh time in a year.

Not a good tendency for Bitcoin

The seven failed resistance tests in a row may not reflect well on Bitcoin’s attractiveness as an investment asset, as it most likely has no financial support behind it to reach new highs. The first test of the $45,000-$50,000 price range took place back at the end of December 2021.

Closer to the end of the month, Bitcoin retraced down to $40,000, marking it as the first failed run to prices above $50,000. Since it was the first reversal attempt for Bitcoin that tumbled down from the ATH, traders and investors were not ready to support the rally right away.

Bitcoin Chart
Source: TradingView

The second test of the new range was made in January but also failed due to the absence of purchasing power. As another attempt to rally up failed, Bitcoin dropped even further to $35,000, causing a massive outflow of funds from the cryptocurrency market.

Bitcoin’s next test happened at the beginning of February when the digital gold reached $45,594 and then dropped once again to $36,000. During a month of moving in the rangebound, Bitcoin tested the $45,000 resistance many times until breaking it at the end of the month.

The most recent run to $50,000 failed at $48,000, which was an unpleasant surprise for a cryptocurrency community that had been expecting a rally to new highs but instead got a reversal below $40,000.



Learn more

Latest news

XRP Lost 50% of What It Gained in Last 12 Days, Here’s Main Reason Why

Arman Shirinyan XRP is losing most of its gains, and upward reversal remains unlikely scenario Contents Half of what has been...

Cardano (ADA) to Start Trading on Japan’s Bitbank Exchange

Alex Dovbnya Yet another Japanese exchange is on track to add support for the Cardano (ADA) cryptocurrency Tokyo-based cryptocurrency...

GSBN Adopts Blockchain to Share Shipping Data with Financial Insitutiotns

Within 20 minutes, Global Shipping Business Network (GSBN) is able to undertake a pilot transaction of unifying the...

First Mover Asia: Bitcoin Holds Strong Over $19K; Why Is the Dollar Dominating?

The largest cryptocurrency by market capitalization has weathered severe macroeconomic uncertainty in recent weeks to maintain its current...

SHIB Burn Rate Surges 103% as Mysterious Wallets Destroy Enormous Sum in Shiba Inu

Yuri Molchan Shiba Inu community has disposed of another large amount of SHIB, pushing burn rate high Shibburn tracking service...

Must read

XRP Lost 50% of What It Gained in Last 12 Days, Here’s Main Reason Why

Arman Shirinyan XRP is losing most of its gains,...

Cardano (ADA) to Start Trading on Japan’s Bitbank Exchange

Alex Dovbnya Yet another Japanese exchange is on track...

You might also likeRELATED
Recommended to you