Bitcoin Must Hold Critical Support to Hit New Highs

Bitcoin Must Hold Critical Support to Hit New Highs

Key Takeaways

  • Bitcoin has gone down practically 6.6% previously few days.
  • Now, the $54,700 help stage should maintain to keep away from additional losses.
  • The emergence of a purchase sign on the four-hour chart may assist BTC rebound.

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Bitcoin had a powerful begin to the week, nevertheless it has shed many of the good points incurred due to a spike in promoting stress. Now, the main cryptocurrency should maintain above a vital help stage to march towards new all-time highs.  

Bitcoin at Make-or-Break Point

Bitcoin wants to maintain help to preserve bullish momentum.

The prime crypto asset opened the weekly buying and selling session on a constructive notice. It gained over 3,200 factors in market worth to attain a excessive of $57,880. A latest spike in profit-taking noticed BTC retrace by practically 6.6%, producing over $79 million in liquidations value of lengthy positions.  

Although bulls have been shaken out through the latest correction, Bitcoin seems to have reached a vital help stage. 

The four-hour chart reveals that the 50 four-hour transferring common is at present holding BTC at $54,700. Meanwhile, the Tom DeMark (TD) Sequential indicator has offered a purchase sign within the type of a purple 9 candlestick throughout the similar timeframe. Such market conduct means that BTC may very well be certain for a one to 4 candlesticks upswing or the resumption of the uptrend.  

As lengthy because the 50 four-hour transferring common at $54,700 holds, Bitcoin may rise to retest the latest excessive of $57,880. However, a decisive shut above this resistance stage may see costs advance additional towards the mid-April all-time excessive of $64,900.

Bitcoin has recovered from the latest dip in the previous few hours; it’s at present buying and selling again above $56,000.

Bitcoin US dollar price chart
Source: TradingView 

It is value noting that Bitcoin bulls will probably be trying to keep away from a four-hour candlestick shut beneath the 50 four-hour transferring common. Breaching this vital help space could lead on to a sell-off that pushes BTC towards the 100 or the 200 four-hour transferring common. These demand boundaries sit at round $51,000 and $47,000. 

Disclosure: At the time of writing, the writer of this characteristic owned BTC. 

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