BTC will hit to new ATH? 🚀

Bitcoin remains just under a zone of resistance that has held since the start of the year and looks like it may be readying itself for a fresh attempt to move higher. The zone on either side of $45.5k was originated from a series of supportive lows back in December last year. These supportive lows then turned to resistance in early-to-mid February and currently remain a cap on any move higher. Yesterday’s attempt was rebuffed and Bitcoin is now sitting in a narrow daily range eyeing the next move.

If/when BTC /USD finally breaks through this resistance, and confirms the move with a close and open above $45850, then there is little in the way of resistance all the way back to the $52k+ level. Support is seen at $42k and $39.6k and the latter should hold unless there is a strong risk-off shift in the market. The crisis in Ukraine continues to dominate market sentiment and while the technical set-up for a move higher looks in place, the fundamental backdrop cannot be ignored.