Why Bitcoin Retesting $57,000 Is Good For The Price

Scott Matherson

9 months ago

3 mins read

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Bitcoin (BTC) is finally making a comeback, with recent price spikes signaling a potential start of the long-awaited market bull run. As the cryptocurrency retests the $57,000 level, this renewed momentum could ignite a positive price rally, potentially driving more gains for Bitcoin.

Bitcoin Retests New Levels At $57,000

On Tuesday, September 10, Santiment, a market intelligence platform, disclosed a new positive change in Bitcoin’s price movements. The platform revealed in an X (formerly Twitter) post that Bitcoin’s market value has experienced a notable uptick, skyrocketing to $57,600 this week.

Notably, Bitcoin’s price surged more than 4.8% on Monday, September 8, marking a significant milestone for the cryptocurrency, which has been recording persistent price declines over the past few months. Earlier in August, the price of Bitcoin crashed below the $50,000 level, reflecting a decline of more than 20%.

This massive price decline was triggered by various factors including large scale liquidations from the German government and the increased sell off fears and market uncertainty fueled by Mt.Gox’s Bitcoin distribution plan. As the market digested the price crash, Bitcoin fought its way back from previous lows to hit its current price above $56,000.

Currently, the cryptocurrency is retesting new support levels around $57,000. A push above this price mark could potentially signal the onset of an even larger rally. Santiment has disclosed that Bitcoin’s recent price increase has come amidst short-selling activities ongoing on major crypto exchanges such as Binance and Bitmex since September 7.

Based on the current market sentiment, the market intelligence platform suggests that the prevailing Fear, Uncertainty and Doubt (FUD) amongst investors in the crypto market could contribute to an even higher price surge for Bitcoin.

This bullish sentiment is also shared by Michael van de Poppe, a popular crypto analyst, who has reported that Bitcoin is presently holding a price range between $58,000 and $56,000. Poppe indicated that the cryptocurrency is showing strong price fundamentals, while many altcoins are gaining momentum.

The analyst expressed surprise that Bitcoin was able to invalidate his previous bearish set up to break above $56,000. As such, Poppe expects more positive inflows into the market if Bitcoin can have a retest above $55,000. He believes that if the cryptocurrency can break through this level, its price could surge to new levels between $60,000 to $61,000 in the coming weeks.

Historical Patterns Suggests Imminent BTC Break Out

A crypto analyst, identified as ‘Rekt Capital’ on X has made a bullish projection for Bitcoin, anticipating a major price breakout for the cryptocurrency soon. Historical patterns currently suggest that Bitcoin could potentially experience a significant price rally and push out of bearish trends in the next two weeks.

Rekt Capital has disclosed that the month of September is typically a bearish period with limited monthly returns for Bitcoin. However, chances are that by October, Bitcoin’s price could surge considerably, extending this positive momentum into November and December.

Bitcoin price chart from Tradingview.com — BTC price fails to hold $56,000 | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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