After the long bearish momentum that led to continuous price drops for the whole industry, the sector might be going bullish once again has Bitcoin made its most significant gain in the past few weeks. This could mean that the industry would see a new rally that would assure more mind-blowing prices.
Digital asset investors were affected by the numerous price drops that affected cryptocurrencies during the last corrections, which took away up to 25% of the asset’s value. Bulls might signify some dominance in the market as Bitcoin is now around $53,800 as at press time. The crypto climbed from yesterday’s $51,000 mark to attain the $53,000 position.
Bitcoin moves above the charts
Bitcoin holders would likely keep holding their assets as the sector sees a new rally that would take it to more prominent highs. The cryptos significant resistance point is around $57,000, $58,000 and $59,000. On the other hand, the support level holds around $45,000, $43,000, and $41,000, which would likely be the next point for the crypto if it sees more bearish activities.
While Bitcoin rose to around $51,000 on Monday, the growing selling pressure took dominance and dragged the price to the $49,000 price point, but it was short-lived as bulls made an entry into the market. The crypto is currently up by over 3% since its last fall, which excites Bitcoin holders in the industry.
Since yesterday, Bitcoin has been quite indecisive, moving from the $49,000 mark and $52,000 with the day. The digital asset finally attained a height greater than expected as it moves from the $52,000 mark to inches away from going to $54,000.
The bulls are currently strong as there is a high likelihood the asset would move above the $54,000 mark soon. The asset would likely fall within the $45,000 range if the $52,000 support is broken and would move up the charts if it finally attains the $54,000 price point.
Fluctuation in prices show the market’s indecision
Charts show that market bears might use the current structure to their advantage if the 9-day and 21-day MA are not below the price. The bears would drag down prices when the MA trades above the price, opening doors to more drastic falls.
The technical indicator, RSI (14), is around the 60-level, and there are huge chances that it would remain there until more important steps are taken to take it up the scale. Still, the bulls have to be decisive and take the crypto to the next significant price point, $57,000, only $1000 from the crypto’s ATH.
The asset currently trades above its Moving averages, showing that crypto prices might skyrocket soon if selling pressure does not increase. Investors can also help the bullish momentum by increasing buying pressure to help the crypto bypass its current resistance and retake the $58,000 position. With Bitcoin’s current outlook, it seems that the asset would move far beyond the $58,000 price point to within the next point, which is likely $60,000.
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