person holding silver bitcoin coin

The Bitcoin price has just broken back above the $48k level, trading at $48,055 at we write. This is somewhat of a stealth rally, with BTCUSD up an impressive 22% over the past month. Today, it managed to notch another 7%, taking out the 2022 highs.

From our point of view, the first thing needed to show that there is more upside to come is for a hold of this break above $48k. If it falters and moves back lower again then it shows that this resistance is strong and the demand might not be there currently.

On a sustained break, the next level to watch out for is $50k. This marks both a psychological barrier and also the level last Christmas that the previous rally faltered at. It is also around this price that a head and shoulders technical pattern would be formed, with the first shoulder from July/August 2021.

Without any fundamental drivers behind the move in recent weeks, we’re cautiously optimistic about it, but want to see the 2022 highs firmly held in coming days and a break of $50k to warrant buying in.

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