- Bitcoin’s current support is between $49,800 and $51,000.
- Bitcoin price today is $55,190.35 USD.
A major downtrend line and the September high of $52.9k were broken this week. As a result, it fell under the technical and on-chain resistance zone of $55k to $58k.
A consolidation or small pullback is needed before the next big ascent. BTC is now trading above the key September high of $52.9k. Bitcoin must close above the bear trap weekly to continue the breakthrough.
A weekly closing over $52.9k increases the likelihood of retesting the $55k-$58k resistance zone. Resistance weakens when it is tested, increasing the probability of a market breach if enough buyers join. According to cryptocurrency expert Michael van de Poppe, Bitcoin (BTC) will hit six-figure in the current bullish cycle.
Van de Poppe tweeted:
“So We Get Some Sideways Action, Get To Watch The All-Time High… And Then We Probably Assume That We’re Going To Get Towards $250,000 Or Higher.”
Correction Might Pull Back the Prices
According to the crypto expert, Bitcoin’s current support is between $49,800 and $51,000, after breaking over $55,000 for the first time since May.
Van de Poppe predicts a Bitcoin decline to between $40,000 and $44,000 in case of a correction. On the contrary, Van de Poppe expects Bitcoin to range before breaking the current high of $64,804.
The cryptocurrency expert expects Bitcoin will follow a similar trend, rising from approximately $15,000 to just over $63,000 before perhaps hitting a new all-time high of at least $250,000. According to CoinMarketCap, Bitcoin price today is $55,190.35 USD with a 24-hour trading volume of $35,531,840,615 USD.
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