Bitcoin (Bitcoin) On Wednesday, an attempt was made at the key resistance level near the $36,000 level, as the breakout is expected to proceed.
BTC breakthrough means the first stop: $39,000
Data from Cointelegraph Markets Pro with Transaction view It shows that BTC/USD has repeatedly clicked but failed to break through the 35,000 USD mark on Wednesday.
The biggest cryptocurrency rebounded from lower levels overnight, quelling those worried The important $33,000 support will be violated.
However, as the area near $36,000 provided an important resistance band, low volume and the general “compression” structure kept the bulls firmly under control on the day.
For popular trader Michaël van de Poppe, Bitcoin needs a complete breakthrough at the $35,500 level to consolidate the continuation of the bullish action. In other words, the potential upside limit in this case may be much higher.
“If it breaks through $35,500, I think we will even run towards $39,000,” he explained in the latest report. YouTube updates.
It should then retest the recent highs just below $37,000 and successfully open the way to higher levels.
“In fact, the higher time frame is between $40,600 and $42,000,” he continued.
“If this situation breaks down, I think we will retest around $50,000 and the momentum will start to return to the market soon.”
Compared with Bitcoin, the price of altcoins “excellent”
At the same time, altcoins continued to rise moderately, and ether (Ethereum) Especially persist power Against Bitcoin. In particular, the ETH/BTC pair is now at a monthly high.
The top 50 cryptocurrencies by market capitalization rose by as much as 13% daily, while other tokens remained flat.
related: Does the Bitcoin bull market only occur during the “unbelievable” phase of the market cycle?
“What are my overall expectations for the market? I think we have bottomed out,” van de Poppe concluded.
“I think we will continue to move up, and I think that in the next few months, before Bitcoin reaches all-time highs, altcoins will perform significantly better than Bitcoin.”
Trader and analyst Rekt Capital joined in predicting the end of the medium price movement, which is characteristic of Bitcoin in recent days.
“BTC will fluctuate in the next few days,” he said forecast, Citing the popular Wyckoff method as a hint, any potential movement will be upward, not downward.
