$ 50,000 In Bitcoin Price Now On Cards , Beware Of Key Resistance!
Bitcoin saw some mixed price movements in the late hours, with the bulls trying to defend the cryptocurrency against a breakout below $ 40,000 as the bears tried to reverse its momentum .
The ability of crypto to hold above this level is promising, but how long it will last remains unclear.If the bulls can turn this previous resistance level into support, it could be a strong foundation for the cryptocurrency to grow in the near term.
Short Term Prospects For Bitcoin
A trader is currently expecting a bullish to $ 50,000 in the near term, emphasizing that the selling pressure is not significant enough to reverse the short-term uptrend.Bitcoin has been caught in the throes of a short-term consolidation phase over the past few days.
Where the market trends should be in the medium term will depend largely on whether the bulls can hold the $ 40,000 level as support.Several times he tried to break into the mid-$ 40,000 zone, but each time resulted in rejections.One trader stated that he expects the price to rise to $ 50,000 in the near term, and this could happen fairly quickly if the consolidation trend continues.
BTC Goes Consolidated
Bitcoin is trading marginally at its current price of $ 40,500. This is the price level at which it has been trading for the past few days.
The bulls have tried several times to push the cryptocurrency into the mid-$ 40,000 zone, where it currently has all-time highs. However, every initiative was met with intense sales pressure.A higher-powered move could extend the parabolic momentum seen by both BTC and major altcoins late, allowing the entire market to rise.
BTC Could Reach $ 50,000
An analyst shared his thoughts on where Bitcoin’s next trend might be, while explaining that he is watching the rise to $ 50,000 in the near term.He points out that even a sharp retracement is likely to signal a significant upside, depending on the current uptrend of the market.
The next few days will give an idea of where the whole market will head next and whether Bitcoin’s parabolic momentum will expand further.