Bitcoin recently attained the $50,000 mark, and it declined after it took that position, showing a strong resistance around that point. The bulls keep pushing the prove towards more significant highs as it finally attains the $50,000 mark before moving towards the $51,000 zone, showing that the asset shows an uptrend.
Many experts believe that Bitcoin is moving towards an all-time high, but certain factors can assure a price movement above its current level. Sources explain that the asset has to have strong support before it continues the upward rally. The asset sees an increasing number of buys, with selling pressure growing increasing as the asset hits more vital price points.
BTC overcomes $50,000 resistance level
The asset has some significant price points, which would assure price growth if it can overcome the resistance. It’s resistance points holds around $56,000, $58,000 and $60,000. On the other hand, the support level holds around $43,500, $41,500, and $39,500. The nearest support level is likely to be the next price position if the crypto rejects as it tries to take the next position.
Bitcoin’s present bull run shows no sign of stopping as it exceeded the $50,000 mark. The analysis shows that the crypto has been developing strong support within the last few weeks to prevent a significant value loss from occurring.
Also read:The asset’s RSI (14) position shows that the crypto is around the overbought area, giving room for the market bulls to control the asset’s movement. At this point, bears are not as strong because buying pressure continues to grow as investors believe that Bitcoin would climb soon. Some statistics show that the bullish market is still on because of the rally towards a new price level.
The asset’s $50,000 position holds a significant resistance point which remained a hurdle for Bitcoin at that time. Fortunately, the asset was able to overcome the resistance with the bull’s help and market structure.
The Crypto market is showing a bullish outlook
Some analysis shows that the $45,000 market is an essential point for the asset as it continues its journey to the top. If the support does not sustain the asset, it could decline to the $45,000 mark. But if it holds the crypto, it could have enough support to face its present resistance around the $56,000 range.
If the asset makes a turn towards the south rapidly, it would likely drop the price below the $48,000 point, and if sell-offs intensify, the asset might decline towards the $44,000 and $41,000 ranges.
Within a day, the crypto reached the $51,000 point while currently trading around $51,100. The king coin’s price growth has also helped other cryptocurrencies record some notable gain, as the industry sees a bullish market.
The asset’s closest resistance remains around the mid-point, while its support is around the $48,000 mark. The asset has its 9-day and 21-day MA showing some uptrend signs as buyers continue to make more purchases. The RSI is currently above the 70-level, which explains the rapid price growth.
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