The price of Bitcoin surpassed $51,000 after a week of stagnation. Traders are becoming more optimistic on the short-term price trend of BTC as it picks up momentum.

Whales are buying Bitcoin

According to the on-chain data from CryptoQuant, whales are continuing to accumulate Bitcoin.

At the $48,000 level, on-chain data indicate that high-net-worth investors were purchasing BTC, protecting the suport area.

TraderKoz, a pseudonymous trader, said Bitcoin was above the midrange as soon as it broke $49,000. He said that Bitcoin was approaching the $52,000 level. He said:

“Initial support held and now we are back above the midrange. Time to send it to 52k lads.”

The price of Bitcoin with key levels when it was at $49,000. Source:

Above $52,000, based on the technical structure of Bitcoin, the natural target is the $56,000 resistance area, followed by the all-time high.

Another trader known as Il Capo of Crypto shared a similar sentiment, stating that the rally above $50,000 means the market is showing a bullish structure.

What happens next?

In the short term, the key is whether Bitcoin breaks above $56,000 on strong volume and market sentiment.

A break out above it would likely send BTC to around $60,000, based on technical structures and the Fibonacci Sequence.

Considering that Bitcoin tends to drop during the weekend and reverse during the weekdays, the overnight reversal was expected to a large extent.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
Bitcoin Flippening Gold? Even Bloomberg is Coming Around – April 1st 2021
HSBC reportedly blacklists MicroStrategy’s stock for investing in Bitcoin
Paypal Cofounder Peter Thiel Thinks China Is Using Bitcoin as Financial Weapon Against the US
This is why Coinbase $1,8B Q1 earnings are bullish for Bitcoin
PancakeSwap Gunning For Uniswap as CAKE Hits $20 ATH

Leave a Reply

Your email address will not be published. Required fields are marked *