Bitcoin (BTC) price surpassed $ 61,000 for the first time in a month on Saturday. With Bitcoin starting the new week at over $ 60K, a positive mood swept the market and investors began to watch for new support and resistance levels.
There are three key levels for Bitcoin, excluding the all-time high of $ 61,800 in the short term: $ 61,188, $ 58,387 and $ 53,000.
Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)
As long as the bitcoin price stays above $ 58,387 and tries to surpass $ 61,188, it seems likely that we will see a new record in the foreseeable future.
If Bitcoin breaks a record, investors expect a slight decline in the altcoin market until Bitcoin is consolidated.
It is critical that $ 58k turns into support
According to the anonymous investor “Rekt Capital”, it is critical for Bitcoin to turn 58 thousand dollars into support in order to break the record in the coming days.
The $ 58,000 level is important because it represents the peak of the first rally that brought BTC to $ 60,000 in mid-February.
In technical analysis, the consolidation of an asset above its previous peak is seen as an extremely positive sign.
Raoul Pal, CEO of Global Macro Investor, also emphasized that the macro view of Bitcoin is very positive.
Pal said that Bitcoin has experienced a breakout in a three-month range, which is when BTC has regained technical momentum. said it meant:
“BTC’s quarterly gap and a wedge break is a big deal. It should trigger a strong upward move.”
Crypto derivatives investor “Cactus” explained that on-chain analysis revealed that BTC is stronger than ever, and that a large amount of BTC from exchanges shows that high-income investors are making savings.
$ BTC / USD
Seeing some huge bullish momentum for BTC…
– On-chain analytics are stronger than ever
– We are seeing biggest exchange outflow’s ever
– Previous monthly close is now support
– Highest weekly close ever likely to be printed pic.twitter.com/zovWNVrKuS
— Cactus (@TheCryptoCactus) April 10, 2021
Break expected in Altcoin rally
On the other hand, investors are waiting for a break in the altcoin market as Bitcoin starts price discovery.
Famous anonymous investor Kaleo thinks it is likely that altcoins will not experience a rally as expected, as the volume will attract Bitcoin.
Investor, he explained as follows:
“Those new to the market should be careful about investing in altcoins as they begin their BTC price discovery. This does not mean that altcoins will not gain value. They may not only earn as much as Bitcoin.”