- Bitcoin has seen some promising signs of strength throughout the previous few days and weeks
- The cryptocurrency has secured what appears to be a strong grip above $50,000, which comes as lots of altcoins show indications of enormous strength
- Where the marketplace patterns next will unquestionably depend mostly on whether or not BTC can keep its present stability
- Any sharp decline from here could drag the entire market lower and lead to a cascading selloff
- However, analysts are bullish on the crypto’s near-term outlook, with one trader explaining that a move higher is likely so long as its $51,000 assistance level continues holding strong
Bitcoin and the entire crypto market have actually been captured within a strong uptrend over the past couple of days, with BTC seeing a few sharp selloffs that have all resulted in almost immediate rebounds.
The benchmark cryptocurrency is now combining above $51,000, with the assistance here proving to be rather considerable.
One trader believes that this is an important level that the cryptocurrency should keep. He keeps in mind that it might be well-positioned for more benefit as long as it continues holding above $51,000 in the near-term.
Bitcoin Shows Signs of Strength as Bulls Target New All-Time Highs
At the time of writing, Bitcoin is trading down partially at its present rate of $52,000. This marks a massive surge from overnight lows of $50,800 set earlier today when the entire market dealt with some weakness.
These lows were quickly safeguarded and resulted in a V-shaped healing, with BTC now aiming to target a relocate to its recently set all-time highs of $52,600.
A break above these highs could kickstart a fresh leg higher that enables it to continue forming a parabolic uptrend.
Analyst: BTC Strong on Lower Time Frames
One expert explained that Bitcoin is looking strong on lower time frames and might be well poised to see significantly more strength if bulls can continue defending $51,100.
Any prolonged break below this level could be dire and result in a much deeper drawdown for the benchmark cryptocurrency.
“BTC/ USD: I see this moving much higher, present LTF structure is bullish but need to see a hourly close above $51,800. Seems as though $51,100 has become essential support now.”
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming couple of days need to shed some light on where the marketplace will trend in the near-term, as any extreme selloff from here could threaten Bitcoin’s short-term strength.
Included image from Unsplash. Charts from TradingView.