Bitcoin has managed to break above considerable resistance and now trades just north of the $44,000 mark. The first crypto by market cap took another swing at the low of its current levels, after a rejection near the $46,000 mark.

Bitcoin BTC BTCUSD
BTC with bullish momentum on the daily chart. Source: BTCUSD Tradingview

As NewsBTC has been reporting for the past weeks, Bitcoin was poised to see a relief rally, at least in the short term, when it reached the high area around $30,000s.

Although the situation between Russia and Ukraine seems to be escalating, the market appears to be pricing in any event to the upside. Both parties seem to have incentives to prevent a full-on conflict, a scenario that could prove unfavorable for the global markets.

Related Reading | TA: Why Bitcoin Needs To Clear $43,800 For Hopes of a Fresh Rally

Yesterday, Bitcoin saw a low near $42,000, but buying pressure propelled BTC’s price above $44,000 where a lot of ask orders were concentrated. A portion of these orders was removed and added higher, per data provided by Material Indicators.

Unless bulls continue to display strength or these ask orders are removed/fill, as seen in the chart below, BTC’s price could see a local resistance and a potential short-term pullback.

Bitcoin BTC BTCUSD
BTC’s price (in blue) breaks above considerable resistance (ask order above price). Source: Material Indicators

If momentum maintains its current course, Bitcoin could quickly approach the $50,000 mark as there seems to be little resistance above $45,600. In this scenario, bulls could score more gains, but flipping the next area of…


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