Cryptocurrency
Bitcoin price seeks higher low as trader forecasts $45K breakout within weeks
Bitcoin price seeks higher low as trader forecasts $45K breakout within weeks: (Cointelegraph) Bitcoin (BTC) traded steadily on Tuesday after a surge above $40,000 resulted in higher levels broadly holding. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView All eyes on Bitcoin higher lows Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $37,000, around 8.8% below the […]
Bitcoin price seeks higher low as trader forecasts $45K breakout within weeks:
(Cointelegraph)
Bitcoin (BTC) traded steadily on Tuesday after a surge above $40,000 resulted in higher levels broadly holding.
All eyes on Bitcoin higher lows
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $37,000, around 8.8% below the peak of Monday’s gains.
Its first trip above $40,000 in six weeks, Bitcoin price action is now attempting to consolidate and form support at a higher low, Cointelegraph contributor Michaël van de Poppe said.
“Bitcoin rejects at the range high, which isn’t strange,” he explained in a Twitter update Tuesday.
“The market has made a new higher high and is in search of a higher low. The levels that I’m watching are $34,500–35,800 and the area around $32,500.”
A look at buy and sell levels on major exchange Binance confirmed the significance of those price points, with buyer support significantly in evidence only below $36,000. Sellers, on the other hand, remained clustered at $40,000 and above.
The area immediately after $40,000 remains a decisive hurdle to overcome for Bitcoin bulls, with analysts arguing that doing so would unleash the bull market continuation that so many continue to wait for.
“Did people really expect 45-48k in one day?” popular trader Pentoshi reasoned.