- Bitcoin has seen some promising signs of strength throughout the past few days and weeks
- The cryptocurrency has secured what appears to be a strong foothold above $50,000, which comes as many altcoins show signs of immense strength
- Where the market trends next will undoubtedly depend largely on whether or not BTC can maintain its present stability
- Any sharp decline from here could drag the entire market lower and lead to a cascading selloff
- However, analysts are bullish on the crypto’s near-term outlook, with one trader explaining that a move higher is likely so long as its $51,000 support level continues holding strong
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.
“BTC / USD: I see this moving much higher, current LTF structure is bullish but need to see a hourly close above $51,800. Seems as though $51,100 has become key support now.”
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.