Bitcoin Sets New Highs as All Eyes Watch Reaction to $50,000 Resistance
- Bitcoin set fresh all-time highs today, with bulls taking full control of the cryptocurrency’s price action as they set their sights on $50,000
- Where the crypto trends in the near-term should depend largely on whether or not bulls will be able to maintain their current momentum
- Any firm rejection could result in another drawdown, signaling that the resistance within the upper-$40,000 region is insurmountable for the time being
- One trader explained in a recent tweet that he is now watching for a move towards $60,000, noting that BTC may “teleport” to these highs once it can break above $50,000
- He does believe that this could be the point at which the market sees a massive shakeout, with BTC potentially retracing to as low as $45,000
Bitcoin and the entire crypto market have been caught within a strong uptrend throughout the past few days and weeks, with sellers unable to gain any profound control over the aggregated market.
There have been a few intense selloffs, but positive catalysts seem to be lying in wait around every corner to help fuel the uptrend.
Despite sliding lower yesterday, news regarding BNY Mellon’s intentions to start adding custodial support for Bitcoin helped rekindle the momentum that came about due to the Tesla news.
Bitcoin Explodes to New Highs as Momentum Mounts
At the time of writing, Bitcoin is trading up just under 7% at its current price of $48,000. This marks a massive surge from its recent lows of under $44,000 set during yesterday’s selloff.
Each dip is being aggressively absorbed, which is a positive sign that indicates that bulls are maintaining control over the market.
So long as this trend persists, BTC could be well-positioned to see further near-term upside.
Trader Claims Move to $60,000 is Imminent
He does believe that this is around where it 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 shakeout there, maybe to $45k.”
So long as the market maintains its strength, Bitcoin could be well-positioned to see some massive upside.
Featured image from Unsplash. Charts from TradingView.