- Bitcoin has seen some promising signs of strength throughout the past few days and weeks
- The cryptocurrency has secured what appears to be a strong foothold above $50,000, which comes as many altcoins show signs of immense strength
- Where the market trends next will undoubtedly depend largely on whether or not BTC can maintain its present stability
- Any sharp decline from here could drag the entire market lower and lead to a cascading selloff
- However, analysts are bullish on the crypto’s near-term outlook, with one trader explaining that a move higher is likely so long as its $51,000 support level continues holding strong
Bitcoin and the entire crypto market have been caught within a strong uptrend over the past couple of days, with BTC seeing a few sharp selloffs that have all resulted in nearly instant rebounds.
The benchmark cryptocurrency is now consolidating above $51,000, with the support here proving to be quite significant.
One trader believes that this is a crucial level that the cryptocurrency must maintain. He notes that it could be well-positioned for further upside as long as it continues holding above $51,000 in the near-term.
Bitcoin Shows Signs of Strength as Bulls Target New All-Time Highs
At the time of writing, Bitcoin is trading down marginally at its current price of $52,000. This marks a massive surge from overnight lows of $50,800 set earlier today when the entire market faced some weakness.
These lows were quickly defended and led to a V-shaped recovery, with BTC now looking to target a move to its recently set all-time highs of $52,600.
A break above these highs could kickstart a fresh leg higher that allows it to continue forming a parabolic uptrend.
Analyst: BTC Strong on Lower Time Frames
One analyst explained that Bitcoin is looking strong on lower time frames and could be well poised to see significantly further strength if bulls can continue defending $51,100.
Any prolonged break below this level could be dire and result in a deeper drawdown for the benchmark cryptocurrency.
“BTC / USD: I see this moving much higher, current LTF structure is bullish but need to see a hourly close above $51,800. Seems as though $51,100 has become key support now.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming few days should shed some light on where the market will trend in the near-term, as any intense selloff from here could jeopardize Bitcoin’s short-term strength.
Featured image from Unsplash. Charts from TradingView.
