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Breaking News: Binance Founder Suggests President Trump Could Be Satoshi Nakamoto In Latest Statement

Bitcoin surpasses $51k: traders discuss what is coming next in short-term

Joseph Young
Joseph Young
1 year ago
2 mins read

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The price of Bitcoin surpassed $51,000 after a week of stagnation. Traders are becoming more optimistic on the short-term price trend of BTC as it picks up momentum.

Whales are buying Bitcoin

According to the on-chain data from CryptoQuant, whales are continuing to accumulate Bitcoin.

At the $48,000 level, on-chain data indicate that high-net-worth investors were purchasing BTC, protecting the suport area.

TraderKoz, a pseudonymous trader, said Bitcoin was above the midrange as soon as it broke $49,000. He said that Bitcoin was approaching the $52,000 level. He said:

“Initial support held and now we are back above the midrange. Time to send it to 52k lads.”

bitcoin
The price of Bitcoin with key levels when it was at $49,000. Source: TradingView.com

Above $52,000, based on the technical structure of Bitcoin, the natural target is the $56,000 resistance area, followed by the all-time high.

Another trader known as Il Capo of Crypto shared a similar sentiment, stating that the rally above $50,000 means the market is showing a bullish structure.

$BTC

Good to see it above $50k again. pic.twitter.com/blskwYPaIq

— il Capo Of Crypto (@CryptoCapo_) March 3, 2021

What happens next?

In the short term, the key is whether Bitcoin breaks above $56,000 on strong volume and market sentiment.

A break out above it would likely send BTC to around $60,000, based on technical structures and the Fibonacci Sequence.

Considering that Bitcoin tends to drop during the weekend and reverse during the weekdays, the overnight reversal was expected to a large extent.

Analysts at intotheblock found that $47,000 was the strong support area. Since Bitcoin consolidated above it and established it as a clear support area, the probability of a continued Bitcoin rally increases. The analysts said:

“The IOMAP indicator reveals that #Bitcoin is now sitting on the strongest level of support. This level of on-chain support is located between $46,2k and $47,7k. Here, more than 1.66 million addresses previously acquired roughly 878 thousand $BTC.”

Based on this trend, as long as Bitcoin stays above $47,000, the bullish market structure would be retained.

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Joseph Young
Joseph Young

Joseph Young

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He's worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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