The price of Bitcoin (BTC) surpassed $ 61,000 on April 10 for the first time in almost a month. After the breakup, traders are beginning to look for new levels of resistance and short-term support as optimism returns to the market.
Short term, In addition to the all-time high of around $ 61,800, there are three key Bitcoin price levels to watch: $ 61,188, $ 58,387, and $ 53,000.
As long as the price of Bitcoin sustains above $ 58,387 and keeps trying to break above $ 61,188, it is likely to see a new high for the foreseeable future.
If Bitcoin hits a new record, Traders also anticipate that the altcoin market will pull back slightly for the time being, at least until BTC begins to stagnate after reaching a new peak.
The investment of USD 58,000 in support is essential to obtain more advantages
According to the pseudonym trader “Rekt capital,” the key for Bitcoin to cleanly reach a new all-time peak in the coming days is to solidify $ 58,000 as a support area.
The $ 58,000 level is an important area because it marks the peak of BTC’s initial rally to the $ 60,000 resistance level in mid-February, as shown in the chart below.
In technical analysis, When the price of an asset stabilizes above the previous peak, it is considered a very bullish signal.
The trader he pointed:
“BTC was still able to hold the red area even though it rejected the orange. And indeed, the rejections from the orange have been weaker. Right now, BTC is pushing beyond the orange. [$ 58,000]. Turning orange into support would bring Bitcoin very close to a new all-time high. “
Raoul Pal, CEO of Global Macro Investor, emphasized that the macro view of Bitcoin remains positive.
Pal emphasized that Bitcoin broke a three-month range, indicating that BTC’s technical momentum is beginning to regain strength.. He He said:
“It feels like a big deal to see BTC break out of a 3-month range and wedge. It should create a powerful move to the upside. (Axis crumpled on the chart to hint to the upside for dramatic effect.”)
A cryptocurrency derivatives trader, “Cactus,” also added that on-chain analysis is stronger than ever, considering that large outflows of BTC from exchanges indicate accumulation among high-net-worth investors.
$ BTC / USD
Seeing some huge bullish momentum for BTC…
– On-chain analytics are stronger than ever
– We are seeing biggest exchange outflow’s ever
– Previous monthly close is now support
– Highest weekly close ever likely to be printed pic.twitter.com/zovWNVrKuS
— Cactus (@TheCryptoCactus) April 10, 2021
As Bitcoin Recovers, Beware Of Altcoin Stagnation
Meanwhile, other traders are hoping that the altcoin market will take a breather if Bitcoin enters price discovery once again.
Kaleo, a well-known trader, said that there is a high probability that altcoins will not recover as much as expected when the volume is absorbed by Bitcoin.
The trader explained:
“For those of you who are new, be careful to dive into altcoins when $ BTC is on the verge of price discovery. Profits from altcoins tend to flow back to Bitcoin. This does not mean that the USD price will not go up, just that there is a great possibility that it does not go up that much. “
In the short term, Bitcoin is likely to outperform altcoins if it continues to rally, and momentum will only shift to altcoins once BTC consolidates as it finds a new range after breaking new peaks.