Bitcoin refuses to dip to even its $42,000 February all-time highs, but familiar resistance higher up looms large.

Bitcoin (”>BTC) neared a critical breakout point on Aug. 19 as bulls sought to transform this week’s downtrend into a battle for resistance.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Buyers and sellers close in on BTC

Data from″>Cointelegraph Markets Pro and TradingView tracked BTC/USD as it repassed $45,000 on Thursday, climbing to highs of $45,490 on Bits

The move came on the back of United States bank Wells Fargo revealing that it had partnered with NYDIG to launch a Bitcoin fund. It took the pair to the border of an important price point that was previously being watched for bullish continuation — $45,600.

At the time of writing, Bitcoin traded at around $45,300, having recovered from a brief dip to $43,900. For Cointelegraph contributor Michaël van de Poppe, there was relief to be had in $44,000 remaining as support.

“Bitcoin holding support here is a great sign,” he summarized.

Beyond hourly timeframes, the overall resistance picture for the largest cryptocurrency remained the same. $47,000 and upwards hosted a” data-amp=””>large sell wall, one that Bitcoin has so far failed to crack.

On the support side, buyers were dug in at $40,000 and above, giving little room for maneuver for spot price under current conditions.

BTC/USD buy and sell levels (Binance) as of Aug. 19. Source: Material Indicators/ Twitter

Bears have little impact as metrics point higher

As Cointelegraph” data-amp=””>reported, there remain plenty of reasons to be bullish on Bitcoin, even in the short term as price action slows.

Related:” data-amp=””>Ethereum ‘liquidity crisis’ could see new ETH all-time high before Bitcoin — Analyst

The weekly moving average convergence/ divergence (MACD), after 11 months in negative territory, finally flipped positive last week, a classic sign that an impulsive bullish move is forthcoming

Theories this week revolve around 2021 being a so-called “double bubble” year in which BTC/USD should hit a″ data-amp=””>new local peak — a pattern that would mimic 2013.

Only the Grayscale Bitcoin Trust (GBTC)” data-amp=””>lags behind the trend, now at its steepest discount to spot price since the Bitcoin price dip to $29,000 beginning in May.