Bitcoin Price On The Verge Of A Breakout! Aims $50,000 By The Month-end?

The market leader, Bitcoin price, experienced a bounce back in its chart of over 4% within the past 24 hours, giving a sign of relief in the cryptocurrency market.

The top coin is on the verge of testing its important resistance level today. Further, some market enthusiasts predict this to be the start of a possible Santa Rally which could result in the price attempting for a top of $50K in the coming week.

The BTC price traded in a closed range between $36,000 and $37,033.37 for a while, following which the price gained momentum, resulting in a breakout. The rally was short-lived as the bull faced a strong pullback, and the price fell to test its lower support level of $35,219.03.

The bulls held the price strong above the level, resulting in the price experiencing a jump of 6.25% before facing rejection at $38,250. Following this, the BTC coin price traded in a close range between $370.33.37 and $38,250 for a week.

Bitcoin price regained momentum and jumped approximately 17% before being rejected at $44,716.58. The price traded sideways for a while, after which the bulls lost momentum, and the price experienced a correction of over 10% in value.

Since then, the price has been trading in a consolidated range between $40,986 and $43,168 and is on the verge of testing its resistance level, of which the outcome is unpredictable.

Will The BTC Price Hit $45,000 Soon?

The Relative Strength Index (RSI) displays a bearish curve following a sharp rise, indicating a decline in the price action. Further, the averages show a flatline, suggesting an uncertainty in the future price action of the coin.

If the bulls push the price above the resistance level of $43,168.23, the BTC price will regain momentum and make a run to test its upper resistance level of $44,716.58. Maintaining the price at that level will set the stage for Bitcoin to attempt to test its resistance level of $45,000 this month.

Conversely, if the bears overpowered the bulls, the price would lose momentum and prepare to test its support level of $42,019.76. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $40,986.65.