Although the Bitcoin (BTC) price corrected towards Friday, the giant expiry day in the options market, BTC started to rise again soon after. .
Visa and PayPal’s announcements about the crypto industry accelerated the rally, pushing BTC to over $ 59,000. Bitcoin fell sharply on the morning of March 31, falling as low as $ 57,300.
Holding on to critical support
As seen in the chart above, the critical support zone between $ 49-500-51K was tested last week. With the hold on the support, higher bottom prices were formed and an upward momentum was gained.
The general structure formed as Bitcoin broke 12 thousand dollars and started to rise in September gives extremely positive signals. Bitcoin set $ 42,000 as the previous higher bottom price and held on to this critical support. Since the Bitcoin price has not experienced such a major correction this time, the $ 49,500-51,000 range can be counted as the new higher bottom price.
According to the Fibonacci extension levels, if Bitcoin exceeds $ 61k, the next critical levels are at $ 73k and $ 92k.
Bitcoin dominance chart approaches critical zone
Bitcoin’s dominance chart shows that a further bearish breakout is possible. It is conceivable that if BTC dominance drops below 60 percent, a sharper decline towards 50 percent could be seen.
This is not impossible, as summer is generally good for altcoins.
Since the charts of most altcoins’ BTC pairs are showing positive signals, the date may repeat itself. For the Altcoin season to begin, the Bitcoin price has to remain relatively stable or rise slowly as it is now.
Possible scenario for Bitcoin
The 4-hour Bitcoin chart shows that there has been a clear uptrend since the $ 50,000 hits.
During this rise, some critical support levels were set. The most important level to hold for now is 56 thousand dollars. As long as this support is working, the uptrend is likely to continue. This means that we can see 73 thousand dollars.
The next resistance is located at $ 59-60 thousand. Until this resistance is broken, altcoins can also gain momentum and break records with Bitcoin.
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