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One should pay attention to these BTC levels

Bitcoin (BTC) tested new supports on Monday after briefly rising to $ 52,000 overnight.

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

Analyst: To avoid a break-in: Bicoin has to hold $ 47,000

Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair broke the $ 51,000 mark for the first time in four months.

The largest cryptocurrency “probably” tested the hold of the support that acted as resistance over the summer.

“Strong weekly end for Bitcoin,” said the trader and analyst Rekt Capital in one comment to the one-week chart.

“A break in the orange zone would likely be a retest of the previous resistance to convert it into a support.”

BTC / USD 1-week chart (Binance). Source: Rekt Capital / Twitter

At press time, the BTC / USD pair was still above $ 51,000. That puts it in a range just below the local highs.

Cointelegraph analyst Michaël van de Poppe highlighted additional levels of support for Bitcoin that it would need to hold to maintain its momentum.

“US $ 47,000 has to remain the last low. We should stay above this level if we want to avoid a dip. We can observe that it always falls at around US $ 50,000, so the previous resistance has to be held here now “as he explained in comments on YouTube.

He added that if Bitcoin breaks out of a range above Monday’s highs, it could hover between that level and April’s all-time high for weeks or even months.

Altcoins are currently very quiet

In the case of altcoins, on the other hand, there were mixed developments. Ether (ETH) and Cardano (ADA) have stagnated for the past 24 hours.

In this context: Bitcoin legal tender in El Salvador: 5 important things to do with Bitcoin this week

In the top 10 cryptocurrencies by market capitalization, XRP took the lead, gaining 6.25 percent over the day.

“As long as they keep the $ 50,000, the altcoins will break out very strongly,” as Michaël van de Poppe predicted.

The high-flyer FTX token (FTT) was able to secure a plus of 15 percent and climb to 70 US dollars.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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