Bitcoin advances for the third straight day, pivotal barriers under increased pressure

Bitcoin regained traction and climbed for the third consecutive day, with the price holding at the highest in nearly one month on Thursday.

Break above a week-long consolidation range signals continuation of broader recovery leg from 38501 (2024 low posted on Jan 23).

Fresh bulls pressure pivotal barriers at 45000/45023 (psychological / daily cloud top / Fibo 61.8% of 49054/38501 correction), break of which would generate strong bullish signal for extension of the third wave of recovery phase from 38501 and expose targets at 46000 (round-figure) and 46564 (Fibo 76.4%).

Meanwhile, expect bulls to face increased headwinds at 45000 zone and probably take a breather on partial profit-taking, with limited dips to be ideally contained by 43800/700 zone (former high of Jan 30 / broken Fibo 50%) and offer better buying opportunities.

Res: 45023; 45523; 45946; 46564
Sup: 44123; 43856; 43778; 43221