The Bitcoin (BTC) price exceeded $ 61,000 for the first time in a month on April 10th. After the break, traders began to look for new levels of resistance and support in the short term when optimism returns to the market.
In the short term, along with a full-time high of around $ 61,800, there are three major bitcoin price levels to consider: $ 61,188, $ 58,387 and $ 53,000.
Heat map for the BTC_USDT order book (Binance). Source: Material indicators.
As long as the bitcoin price remains above $ 58,387 and continues to struggle to exceed $ 61,188, it will likely be a new record in the foreseeable future.
If Bitcoin breaks a new record, traders also expect the altcoin market to decline slightly for a while, at least until BTC begins to fall after hitting a new high.
$ 58,000 flop support is crucial for further growth.
According to a trader alias “Rekt Capital”, the key to Bitcoin reaching a full-time high in the coming days is to anchor 58,000 dollars as a support zone.
The $ 58,000 level is an important area, as it indicates the peak of BTC’s first rally to the resistance level of $ 60,000 in mid-February, as shown in the chart below.
1 day BTC / USD price chart (Coinbase). Source: Rekt Capital, TradingView.com
In technical analysis, it is considered a very bullish sign when the price of an asset rises above the previous peak.
“BTC managed to hold on to the red despite the orange being rejected, and in fact the orange rejection is weaker now, BTC is pushing the orange [$ 58,000]. Turning an orange in support will bring Bitcoin closer. “Always from a new height.”
Raul Pal, CEO of Global Macro Investor, confirmed that the overall outlook for Bitcoin remains positive.
Pal confirmed that Bitcoin is outside its three-month range, indicating that BTC’s technical momentum is gaining momentum. He said:
“It looks like a big deal when BTC breaks the 3-month range and wedges. This should create a strong upward movement. Effect.”
Cryptocurrency derivatives trader Cactus also added that chain analysis is stronger than ever given that large bitcoin outflows indicate accumulation among wealthy investors.
As bitcoin grows, be wary of stagnant altcoin
Meanwhile, other traders expect the altcoin market to take a breather if bitcoin enters pricing again.
Kaleo, a popular trader under a pseudonym, said there is a good chance that altcoins will not grow nearly as expected when the volume is absorbed by bitcoins.
The dealer explained:
For beginners, be sure to immerse yourself in changes when $ BTC is about to discover prices. Profits from dripping current are usually returned in bitcoin. This does not mean that the price of the US dollar will not rise, it is just that there is a high probability that it will not rise that much.
In the short term, Bitcoin is likely to outperform altcoins if it continues to rally and momentum shifts to cryptocurrencies only after BTC has consolidated as it finds a new range after reaching new heights.