The price of Bitcoin reached above $ 61,000 for the first time in April. Traders also seem to see the bitcoin market as bullish.
to the the report The Bitcoin Telegraph, the bitcoin price on April 10, reached above $ 61,000 for the first time this month. The last time the price of Bitcoin exceeded this range dates back to the early days of March. With this rise, optimism has returned to the market and traders are looking for new levels of support and resistance in the short term.
In the near future, in addition to the $ 6,800 price, which is the highest price Bitcoin has ever experienced, there are three other prices that traders should consider: $ 61,188, $ 58,387, and $ 53,000. .
As long as the price of Bitcoin stays above $ 58,387 and tries to break the resistance level of $ 6,188, we can expect a new record price of this digital currency in the near future.
Forecasts suggest that if the price of bitcoin manages to set a new record, we will see a slight decline in the market for altcoins; At least until Bitcoin overcomes its volatility after the new record is set and its price stabilizes.
$ 58,000 support level; Need to reach higher levels
According to an anonymous analyst nicknamed Rekt Capital, in order for the price of Bitcoin to set a new record in the coming days, its $ 58,000 price must first be fixed as a level of support. Bitcoin had attempted to reach the $ 60,000 resistance level in February this year; But it did not make more than $ 58,000. That’s why the $ 58,000 price tag for this digital currency is so important. The image below shows Bitcoin trying to reach $ 60,000 in February.
In technical analysis, when the price of an asset stabilizes in its previous peak range, it can be considered a strong sign of the beginning of an uptrend. Referring to the chart above, this analyst states:
Bitcoin (in this time period) remained in the red range and could not stabilize in the orange range. Although the digital currency had reached this range several times, it had returned each time. However, Bitcoin is now moving beyond the orange range. If Bitcoin can really turn the orange range into a support for itself, it means it is very close to setting a new record.
Raoul Pal, CEO of Global Macro Investor, also praised the overall bitcoin trend. Paul sees the exit of Bitcoin from the fluctuation range of the last three months as a sign of its technical momentum gaining momentum and states:
It is a great thing that Bitcoin has been able to break out of its quarterly volatility. This indicates that bitcoin will soon start a strong uptrend.
A derivatives market analyst nicknamed Cactus also believes that intra-chain data is currently at its strongest. The analyst points to the large outflow of bitcoins from digital currency exchanges and sees it as a sign of the accumulation of these bitcoins among large investors. According to this analyst, the following are signs that the bitcoin is on the rise:
- In-chain data is stronger than ever
- We see the highest rate of bitcoin outflow from exchanges
- The closing price of the previous month has now become supportive
- The highest weekly closing price is about to occur
Possible price stability of altcoins following the sharp growth of bitcoins
Many analysts believe that the rise in the price of bitcoin will lead to relative stability in the coin market. An anonymous trader, nicknamed Kaleo, says that Bitcoin’s dominance of the market in the coming days will cause the coin market to stagnate. He explains:
Despite the possibility of bitcoin prices rising in the near future, novices should be wary of the stagnation that this creates in the coin market and avoid entering it (as much as possible). All market profits during this period will be directed to Bitcoin. Of course, the dollar price of these altcoins may increase slightly during this period, but their price will not have much chance of increasing compared to bitcoins.
If the price of bitcoin continues to rise, the digital currency will outperform the altcoins in the short term, and it is likely that the uptrend of altcoins will only begin when bitcoin sets a new record and fluctuates afterwards. It has also passed.