HomeCryptoBitcoin preserves $51K — Here are the BTC price levels to watch

Bitcoin preserves $51K — Here are the BTC price levels to watch

Bitcoin (BTC) started testing new assist levels on Monday after an in a single day rally paused at $52,000.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Analyst: Bitcoin wants to hold $47,000 to keep away from “breakdown”

Data from Cointelegraph Markets Pro and TradingView confirmed BTC/USD difficult $51,000 after breaking by means of the stage for the first time in almost 4 months.

In so doing, the largest cryptocurrency was “likely” testing the endurance of assist, which had acted as resistance all through the summer time.

“Strong weekly close for BTC,” dealer and analyst Rekt Capital commented on the one-week chart.

“Any dips into orange would likely constitute a retest attempt of previous resistance into new support.”

BTC/USD 1-week annotated candle chart (Binance). Source: Rekt Capital/Twitter

At the time of writing, BTC/USD was nonetheless above $51,000, preserving the stage to hover in a variety slightly below its native highs.

Cointelegraph contributing analyst Michaël van de Poppe, in the meantime, highlighted a wider number of assist levels for Bitcoin to maintain so as to protect its momentum.

“$47,000 remains to be the last low, so that is the one that you should be staying above if you want to avoid any breakdown, but we do see that we break about $50,000, so the previous resistance here is the level that you want to sustain,” he stated as a part of feedback in his newest YouTube replace.

He added that ought to Bitcoin break into a variety above Monday’s highs, it might keep between there and April’s all-time highs for weeks and even months.

Altcoins see eerie calm

Altcoins, in the meantime, supplied a blended bag in the face of Bitcoin’s consolidation, with Ether (ETH) and Cardano (ADA) each flat over the previous 24 hours.

Related: BTC turns into authorized tender in El Salvador: 5 issues to watch in Bitcoin this week

The high 10 cryptocurrencies by market capitalization had been led by XRP at the time of writing, XRP/USD gaining 6.25% on the day.

“As long as $50,000 stays, the altcoins will start breaking out heavily as well,” van de Poppe forecast.

An current excessive flyer, FTX Token (FTT), preserved 15% returns and the newly claimed $70 stage.