Key Takeaways
- Bitcoin appears to have entered a highly volatile period.
- So long as the $51,000-$50,500 assist stage holds, the market outlook for the cryptocurrency stays bullish.
- Further buying pressure could push BTC to $57,200.
Bitcoin has breached a crucial resistance barrier that might see its value rise by practically 13% regardless of current value fluctuations.
Bitcoin Remains Bullish Despite Volatility
Bitcoin prices rose above $52,000, but the upswing was short-lived as it shed 1,000 points within minutes.
Information from Bybt reveals that almost $20 million value of lengthy Bitcoin positions had been liquidated throughout the board over a five-hour interval. The losses were a result of Bitcoin’s erratic price action.
Bitcoin costs fell by 2.30% after buying and selling at a excessive of $52,220. As Bitcoin dropped toward the $51,000 support level, it created a cascade of liquidations. Nonetheless, it appears that evidently costs are well-positioned to advance additional so long as this assist stage holds.
The 12-hour chart reveals that Bitcoin broke out of an ascending triangle on Sept. 5 after enduring a 17-day-long consolidation period. The peak of the technical sample’s y-axis added to the breakout level forecasts an almost 13% run-up towards $57,200.
Bitcoin Must Remain Above $50,500
For the bullish thesis to be validated, BTC needs to remain trading above the $50,500-$51,000 price range. Failing to carry above this significant demand barrier might result in important losses.
The Fibonacci retracement indicator, measured from Bitcoin’s all-time high of nearly $65,000 in April to its low of $28,750 in June, provides a sign of where prices may be headed next.
A breach of the underlying assist may result in a correction towards $46,830, whereas a spike in promoting strain round this value stage would doubtless develop right into a extra pessimistic outlook as the following necessary assist space sits at $42,500.
