Bitcoin breaks out above 45k

Since the last update here on the progress of Bitcoin today, the price has now charged above 45k. That level had been providing resistance on several separate occasions to reclaim the price action above the price point. So, perhaps it is of little surprise to see it accelerate in such as way once this level has finally been taken out. In truth the momentum had already into positive momentum last night and earlier today and was surely helped by the comments from the Fed chair last night. Jerome Powell had already stated that the Fed had no plans to ban the use of crypto. The high seen not long ago was set at 47,742. It is just backing down from there now, but all the while it remains above 45k from here on, the outlook will remain positive in the near term. Bitcoin is currently trading at 47,150