Watch these key technical levels as Bitcoin price nears $61,800 all-time high
The price of bitcoin (BTC) rose on the 10th. In April, it topped $61,000 for the first time in nearly a month. Following this breakout, traders are beginning to look for new levels of resistance and short-term support as optimism returns to the market.
In the short term, there are three main price levels for bitcoin besides the all-time high around $61,800: $61,188, $58,387 and $53,000.
As the price of bitcoin remains above $58,387 and continues to try to surpass $61,188, it is likely that the price will reach a new record in the near future.
If bitcoin hits a new high, traders also expect the altcoins market to pull back a bit for now, at least until BTC begins to stagnate after hitting a new high.
Increase to $58,000 in support. Ranking of the United States is essential to increase ranking.
According to the trader aka Rekt capital, the key to bitcoin reaching a new all-time high in the coming days is to solidify $58,000 as a support zone.
The $58,000 level is an important area because it marks the top of BTC’s initial rally to the $60,000 resistance level in mid-February, as shown in the chart below.
In technical analysis, it is considered a very bullish sign when the price of an asset stabilizes above its previous high.
The trader noted:
BTC managed to stay in the red zone despite the distraction of Orange. And indeed, Orange’s spreads were lower. Right now, BTC is more than Orange [$58,000]. Orange’s transformation into a carrier will bring bitcoin closer to its new all-time high.
Raul Pal, CEO of Global Macro Investor, noted that the macro outlook for bitcoin remains positive.
Pal pointed out that bitcoin has broken out of a three-month range, suggesting that BTC’s technical momentum is starting to recover. He said:
It’s quite something to see the BTC break through the 3-month range and slope off. This should create a strong upward movement. (The axis is crossed out on the graph to indicate the increase for dramatic effect.
Crypto-currency derivatives trader Cactus added that in-chain analytics are stronger than ever, as large outflows from the BTC exchange point to a build-up of funds among high-net-worth investors.
– Channel analysis is stronger than ever
– We are seeing the biggest exodus of equity sources ever
– Last month’s close now supports
– Biggest weekly close ever pic.twitter.com/zovWNVrKuS
– Cactus (@TheCryptoCactus) 10. April 2021
As bitcoin recovers, watch out for stagnant altcoins
Meanwhile, other traders expect the altcoin market to take a breather as bitcoin moves back into the open.
Kaleo, a well-known pseudonymous trader, said there’s a good chance altcoins won’t rise as much as expected if bitcoin’s volume gets sucked in.
The dealer stated:
For those who are new, beware of diving into alts when $BTC is about to open price. Profits from alts are usually paid back into bitcoin. This does not mean that the dollar rate will not rise, but rather that there is a good chance that it will not rise as much.
In the short term, bitcoin is expected to outperform altcoins as it continues its rally, and momentum will only shift to altcoins as BTC consolidates and finds a new range after breaking new highs.
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