The world’s first digital coin, Bitcoin, celebrated its 13th anniversary on 3 January 2022. The token has seen tremendous growth since its creator Satoshi Nakamoto mined the first block. The founder mined the initial block on the BTC network on 3 January 2009 and received 50 BTC as a reward.
Bitcoin ecosystem shows no slowdowns 13 years later as BTC/USD saw ATH prices in 2021. Moreover, BTC enthusiasts expect the token to explore higher price levels in 2022. That way, the current consolidation under $50,000 allows market players to accumulate at a discounted price before BTC explodes to new record highs.
BTC to Provide ‘Buy’ Opportunity around the $43,500 Support
Bitcoin has hovered beneath the $52,000 zone for the past month, with downtrends extending to lower levels of $43,500. The downswings persisted towards the New Year as BTC consolidated within levels of $46,311 during this publication.
Meanwhile, the downward actions by BTC price created a plunging parallel shape on the 24hr chart. Keep in mind that the price will dip as long as Bitcoin maintains its movements within the mentioned parallel channel.
BTC/USD Daily Price Chart
For now, a close beneath the nearest support zone at $46,000 might catalyze increased sell orders that might take Bitcoin price beneath the psychological area of $44,000. That way, the bellwether crypto will hit the governing technical setup’s middle border near $43,500.
Besides the bearish chart formation, the Relative Strength Index at 40.71 plus the sell signal by the MACD shows bears overpowering Bitcoin bulls. Meanwhile, Bitcoin has made multiple recovery trials to reclaim the critical resistance of $50,000. Bulls may attempt another recovery, and they can succeed with a closure beyond the resistance zone at $47,293.
Meanwhile, Bitcoin price should overcome the $48,197 resistance to achieve a decisive bullish break. The 200-day SMA and the descending channel’s top border coincide in this area. If such an upward move surfaces, bulls will gain additional momentum to push the asset towards the $60,000 level. Keep in mind that most crypto analysts see BTC reclaiming this target before 2022 Q1 ends.
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