Bitcoin sets new highs – but will it manage to overcome resistance at $50,000?
- Bitcoin has hit new highs today, with the bulls taking full control of the cryptocurrency’s price and targeting $50,000.
- Where the cryptocurrency is headed in the near future is likely to largely depend on whether or not the bulls will be able to maintain their current momentum.
- Any firm rejection could lead to a further drawdown and signal that resistance in the upper $40,000 region is insurmountable for now.
- One trader writes in a tweet that he is now watching for a move towards $60,000, commenting that BTC could “teleport” to these highs once it can break out above $50,000.
- He believes this could be the point at which the market experiences a massive shakeout, with BTC potentially going as low as $45,000.
Bitcoin and the entire crypto market have been caught in a strong uptrend in recent days and weeks, with sellers unable to gain deep control over Financial Peak the overall market.
There have been a few intense sell-offs, but positive catalysts seem to be lying in wait around every corner to fuel the uptrend.
Despite yesterday’s slide lower, news of BNY Mellon, a US bank’s intention to launch depository support for Bitcoin, has helped to revive the momentum created by the Tesla news.
Bitcoin explodes to new highs
At the time of writing, Bitcoin is trading at $47,200, marking a massive surge from its recent lows of under $44,000 reached during yesterday’s sell-off.
Each dip is being aggressively absorbed, which is a positive sign that the bulls remain in control of the market.
As long as this trend continues, BTC could be well positioned to see further short-term upside.
Trader claims a rise to $60,000 is imminent
In terms of where Bitcoin might be heading in the near future, one analyst explains that Bitcoin (Go to Plus500 Bitcoin buying guide) is likely to see a move to $60,000 once it breaks out above $50,000.
He believes this is around the point where he will see a major correction.
“BTC: Bullish continuation seems more likely now. Above $50k it teleports to $60k. $59k-$62k is the Fibonacci confluence zone (resistance). We could see a bigger bounce there, perhaps to $45k.”
As long as the market maintains its strength, Bitcoin could be well positioned to see a massive bounce.