If Bitcoin’s last major price resistance is broken, Bitcoin may exceed $55,000 — Analyst

Bitcoin (Bitcoin) It touched $47,000 on Tuesday as range behavior continues to suggest an attack on major resistance.

BTC/USD 1-hour candlestick chart (Bitstamp). Source: TradingView

Bitcoin’s volatility narrows

Data from Cointelegraph Markets Pro and Transaction view It shows that BTC/USD tried to exit the $46,000 range on Tuesday after starting to fall this week.

The area between 45,000 USD and 48,000 USD has become a narrow trading channel for Bitcoin as it attempts to break its last barrier before 50,000 USD. However, so far, the bulls lack the motivation to influence major changes.

For Cointelegraph writer Michaël van de Poppe, $48,000 was a level to watch for the day, as a breakthrough from there could cause another upward impulse move.

“If we clearly break through there, it might trigger a big short squeeze because everyone is looking for shorts in this area,” he said in a new YouTube updates.

“This reminds me of Bitcoin’s $6,000 area. If Bitcoin is to break through this level, I think we will squeeze all the way to $55,000 to $56,000, which is our next level now.”

Trader and analyst Rekt Capital agrees that despite the lack of impulsive moves so far, Bitcoin’s upward trend still has enough momentum.

Solana remains the headline news for altcoin earnings

At the same time, altcoins have re-followed Bitcoin in terms of their range behavior, and most of the top 50 cryptocurrencies by market capitalization have performed flat in 24 hours.

related: Bitcoin bull market is different from 3 ways at the end of 2020

This Notable exceptions It was Solana (SOL), which was up 14% on the day and close to 80% every week.

Ether (Ethereum) Remains above $3,200, just like Bitcoin has been in a narrow range since its volatility in early August.

ETH/USD 1-hour candlestick chart (Bitstamp). Source: TradingView