Bitcoin and the entire crypto market have been caught within a strong uptrend over the past couple of days, with BTC seeing a few sharp selloffs that have all resulted in nearly instant rebounds.
The benchmark cryptocurrency is now consolidating above $51,000, with the support here proving to be quite significant.
One trader believes that this is a crucial level that the cryptocurrency must maintain. He notes that it could be well-positioned for further upside as long as it continues holding above $51,000 in the near-term.
Bitcoin Shows Signs of Strength as Bulls Target New All-Time Highs
At the time of writing, Bitcoin is trading down marginally at its current price of $52,000. This marks a massive surge from overnight lows of $50,800 set earlier today when the entire market faced some weakness.
These lows were quickly defended and led to a V-shaped recovery, with BTC now looking to target a move to its recently set all-time highs of $52,600.
A break above these highs could kickstart a fresh leg higher that allows it to continue forming a parabolic uptrend.
Analyst: BTC Strong on Lower Time Frames
Any prolonged break below this level could be dire and result in a deeper drawdown for the benchmark cryptocurrency.
Image Courtesy of Cactus. Source: BTCUSD on TradingView.
The coming few days should shed some light on where the market will trend in the near-term, as any intense selloff from here could jeopardize Bitcoin’s short-term strength.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/3qAR1GB
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