For The First Time Since January, Bitcoin Smashes Beyond $46,000.
Bitcoin has recently soared to its highest level since January 4, resulting in the first weekly closing above $45,500 in 2022. The move is a bullish indicator since BTC has broken through the $44,500 resistance level, which has been rejected three times this year.
The breakthrough might confirm the falling wedge pattern that has been seen on the daily chart all year, since we have seen repeating higher lows. Technical analysis can provide useful short-term trading indications, but it is not necessarily a trustworthy predictor for long-term investing.
Technical analysis isn’t a precise science. We need to look at the larger socio-economic climate to obtain a clear understanding of why Bitcoin could be breaking out.
The year has seen a lot of excellent news for cryptocurrency, which has been in the news all over the world, from donations to aid Ukraine in the face of Russian aggression to supportive attitude from European and American politicians.
Many people say we’ve passed beyond the age of crypto prospecting and are now in the midst of crypto acceptance and blockchain mainstreaming.
While Bitcoin remains 30% behind all-time highs, it has fared well in 2022, with relatively minimal volatility by its own norms. Its correlation to the S&P500 just touched a 17-month high, demonstrating its consistency.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews