Bitcoin is slowly building up for another leg up after losing heat last Weekend. It may reach a new milestone this week as it continues to gain dominance. Although, a pullback lies ahead as the market becomes greedy.
After trading as low as $38,500 last month, Bitcoin bounced and increased consistently until the price reached a new multi-month high of $52,800 during last week’s trading – sparking a 30% growth in a month.
That saw the leading cryptocurrency through its highest price level since May 2021, although it later retraced to around $50,600 last weekend. It held the price level well and climbed back slowly as it footed a fresh increase.
Now that the price is trading well above the $52,000 level, Bitcoin’s next target would be $53,000 (and beyond) once it manages to flip through last week’s high. This target may come into play sooner than expected.
In fact, Bitcoin may sustain momentum near its all-time high (ATH) before it initiates a deep correction. Breaking its ATH may result in a huge explosion from a long-term perspective.
But in the case of rejecting last week’s high, the bullish rally may suspend until it finds a solid ground for a rebound. As of now, the bulls are gaining control from a mid-term perspective.
Bitcoin Key Levels To Watch
Source: Tradingview
The immediate area of interest for the bulls currently lies at $52,500 as the hourly support and $52,800 as the daily support. After breaking through $53,000 to a close resistance of $53,300, the higher resistance level to watch is $55,300.
Right now, there’s no room for selling on a daily chart. If a drop occurs, the potential support level to consider is the $50,625 level. A crack below this level could trigger a drop to $49,000 and $47,250.
Key Resistance Levels: $52,816, $53,300, $55,300
Key Support Levels: $50,625, $49,000, $47,250
- Spot Price: $52,290
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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