Bitcoin (BTC) Price Hits a 7-Week High, Tests Key Near-Term Resistance

Bitcoin (BTC) price is up over 4% on the day to hit a fresh record high above the $46,000 mark. This marks the first trip above this handle since May 17.

The world’s largest digital asset has been in form recently after it went briefly below the $30,000 mark three weeks ago. The bulls responded by completing three weekly bullish candles that generated gains of 50% compared to the July low of $29,300.

“Perpetual funding rates have turned positive, meaning that the derivatives market is clearly positioned to the long side. This positioning is also supported by an expanding futures basis curve, showing that market sentiment is gradually building,” Toby Chapple, head of trading at digital asset firm Zerocap told CoinDesk.

The price action is now testing major near-term resistance near $45,000, where the 200-DMA is located.

“The break above the $45,000 resistance level was met quickly with heavy selling pressure, however, currently, Bitcoin appears to be putting up a fight in continuously testing the $45,000 level,” John Iadeluca, founder & CEO of multi-strategy fund Banz Capital, told Forbes.

The April low of $47,000 hosts the next resistance line for buyers while a clean break of these two resistance lines could pave the way for a push above the $50,000 handle for the first time in 3 months.

Ethereum (ETH) is trading above the $3,000 mark despite yesterday’s fall of 4.66%.

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