Bitcoin May Retrace Shortly Before New All-Time Highs

Bitcoin is back in the green after turning a crucial resistance level into support. As long as Bitcoin’s price holds above $50,000, the cryptocurrency will likely advance to new all-time highs.
Bitcoin Attempts to Resume its Uptrend
Bitcoin seems to have broken out of an inverse head-and-shoulders pattern that has developed since Feb. 23 on its 4-hour chart. After slicing through the $52,000 resistance barrier, BTC surged by more than 5.50% to recently hit a high of $54,850.
Further spike in buying pressure around the current price level could push Bitcoin’s price up by 12% and towards $61,000. This target is determined by measuring the inverse head-and-shoulders’ widest range and adding that distance upward from the breakout point.
BTC/USD on TradingViewAlthough the odds seem to favor the bulls, the Tom Demark (TD) Sequential indicator suggests that Bitcoin could retrace. This technical index presented a sell signal in the form of a green nine candlestick on BTC’s 4-hour chart. Such a bearish formation tends to lead to a one to four 4-hour candlesticks correction.
If validated, Bitcoin may pull back to the inverse head-and-shoulders’ neckline at $52,000, then rebound to $61,000.
While a sudden downswing to the $52,000 support level may shake out some of the so-called “weak hands,” investors should understand that this is a massive area of interest.
Glassnode CTO Suggests Strong Support
Glassnode co-founder and CTO Rafael Schultze-Kraft maintains that more than 1.2 million BTC (roughly 6.5% of Bitcoin’s circulation supply) were transacted around $50,000, making this a “strong” support zone.
“When a large volume of …
Story continues on Crypto Briefing

Related posts
BitcoinBTC Trading ViewNewsNews 1SocialTrading View

100k Bitcoin options set to expire: here's what to expect from the market

Bitcoin’s price is currently $54000 based on data from; as Bitcoin rallies towards its previous ATH of $58330, the price recovered over 8% in less than 24 hours and this is a bullishThe post 100k Bitcoin options set to…
Altcoin Watchcentral bankCointelegraph.comCryptocurrenciesCryptocurrency ExchangehyperinflationMarketsStablecoinVenezuela

Reserve Rights (RSR) gains 300% as stablecoins gain regulatory approval

Global stablecoin adoption and uncontrolled hyperinflation in Venezuela and Argentina have helped push Reserve Rights to a new all-time high. Non-fungible tokens and high-yielding decentralized finance platforms have been the focus of attention in the cryptocurrency sector for the past…
BitcoinBTC Trading ViewNewsNews 1Trading View

Why bitcoin could become a standard recommendation for an average investor’s portfolio

This past week as Bitcoin hovered around $46.5k and $52.5k  range, Twitter sentiments have been at their most bearish level during this bull run. Bitcoin’s volatile price has given many people a reasThe post Why bitcoin could become a standard…