The price of Bitcoin remains stuck in a downtrend after failing to close above $50,000.
The price of Bitcoin (BTC) has failed to break above the psychological $50,000 resistance going into the weekend and has dropped below the $48,000 level on March 6. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingviewTone Vays: BTC must close above $50K to resume bull runNow traders are watching whether BTC/USD can break above the $50,000 level to resume the bull cycle. Conversely, a drop below the recent lows below $46,000 will likely open the door to new lower lows, which may then pose a threat to the bull run that has been in place for almost a year, at least in the short to medium term. “This is not good….a close above $50,000 makes me incredibly bullish but a close below $45,000 makes me incredibly bearish,” said popular trader Tone Vays in his latest podcast episode, continuing: “Not incredibly bearish, but bearish down to the low $40,000s, maybe even lower. Right now we’re in a completely no-trade zone.” Additionally, fellow pseudonymous trader Rekt Capital pointed out similar price levels to watch. If BTC fails to hold the current levels above $46,000, the trader expects Bitcoin to bottom somewhere in the area between $38,000 and $45,000 despite Bitcoin posting higher lows in recent days. “BTC higher lows hold until they don’t,” he wrote. “Each subsequent reaction from the January HL was lesser and lesser. Could be the same now. Better to be safe than sorry by preparing for a potential breakdown from this HL.”# …
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