BTC saw mounting strength as the new parabolic wave started and showed promising signs of another rise so let’s read more in our latest Bitcoin news today.
The cryptocurrency secured a strong foothold above $50K which comes at a time when other altcoins are showing immense strength as well. Where the market will trend next will depend on whether or not BTC can maintain the present stability so sharp declines here could drag the market lower and lead to a cascading selloff. The analysts are bullish in the near-term outlook with one trader explaining that a move higher is quite possible as long as its $51K support level keeps on holding.
BTC and the entire market were caught in a strong uptrend in the past few days with BTC recording sharp selloffs that resulted in even faster rebounds. The number one cryptocurrency is consolidating above $51,000 with the support proving to be quite strong and important. One trader believes that this is a crucial level that the crypto has to maintain and noted that it could be in a good position for another surge as long as it holds the $51K level in the near-term. At the time of writing, BTC is trading down to a price of $52,000 which marks a surge from the lows overnight set at $50,800 when the market faced slight weakness.
These lows were defended and led to a V-shaped recovery with the cryptocurrency looking to target a move to an all-time high of $52K. Breaking above these levels could start another leg high that will allow a continuation of a parabolic uptrend. One analyst noted that BTC is looking strong on the lower time frames and could be in a good position to see some strength if the bulls are able to continue defending the $51,100 level. A prolonged break below these levels could result in a crash 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.”
The upcoming few days should give us some more insight into where the market will trend in the near-term with the intense selloff from here putting BTC at risk for its short-term strength.
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