Bitcoin price seeks higher low as trader forecasts $45K breakout within weeks

The Bitcoin price has been on the rise for the past week and a half, but it could test the $45,000 resistance line in coming weeks.

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Bitcoin price seeks higher low as trader forecasts $45K breakout within weeks.

The Bitcoin price was still in the green today, despite the latest rally being cut short by a major technical breakdown. As we await a breakout to the downside, we are seeing Bitcoin price trading with a larger degree of consistency, suggesting an eventual breakout to the upside is on the horizon.. Read more about bitcoin good news and let us know what you think.

Bitcoin (BTC) remained stable on July 27 after a rise over $40,000, with higher levels generally holding.

1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

All eyes are on Bitcoin’s new lows.

BTC/USD was hanging around $37,000, according to data from Cointelegraph Markets Pro and TradingView, or 8.8% below the top of Monday’s gains.

Bitcoin is trying to consolidate and establish support at a higher low after making its first excursion over $40,000 in six weeks, according to Cointelegraph writer Michal van de Poppe.

“Bitcoin rejects at the range high, which isn’t surprising,” he said on Twitter on Tuesday.

“The market has reached a new higher high and is now looking for a new higher bottom. I’m keeping an eye on the $34,500-35,800 range, as well as the $32,500 area.”

An examination of key exchange purchase and sell levels Only below $36,000 did Binance confirm the importance of those price thresholds, with strong buyer support in evident. Sellers, on the other hand, remained concentrated around the $40,000 mark.

1627375025_24_Bitcoin-price-seeks-higher-low-as-trader-forecasts-45K-breakoutBTC/USD buy and sell values as of July 27 (Binance). Material Indicators/Twitter as a source

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For Bitcoin bulls, the region just after $40,000 remains a crucial barrier to cross, with experts believing that doing so will trigger the bull market continuation that so many are waiting for.

Pentoshi, a well-known trader, reasoned, “Did anyone really anticipate 45-48k in one day?”

“On heavy volume, you broke the downtrend, returned to the range, and produced an HH on the daily. You teleported to resistance; it may take two or three times to shatter it, but I believe it will happen in the next weeks. Dips are available for purchase.” 

That scenario would put BTC/USD on pace to hit $47,000 in August, the minimal — although contentious — monthly close forecast by PlanB, the developer of the stock-to-flow model.

Trader: “Most” cryptocurrencies have reached their bottom.

In the meanwhile, bitcoin’s decline from recent highs has posed a challenge for altcoins.

BTC, ETH, BNB, ADA, XRP, DOGE, DOT, UNI, BCH, LTC, DOGE, DOT, UNI, BCH, LTC, DOGE, DOT, UNI, BCH, LTC, DOGE, DOT, UNI, BCH, LTC, DOGE, DOT,

Following a copycat rise to highs of its own at $2,432 on Bitstamp, Ethereum‘s Ether (ETH), the biggest cryptocurrency by market cap, fell 11 percent.

1627375025_276_Bitcoin-price-seeks-higher-low-as-trader-forecasts-45K-breakout1 hour candle chart of ETH/USD (Bitstamp). TradingView is the source of this information.

Many prominent altcoins suffered similar fates, with 24-hour losses of 10% or more typical at the time of writing.

“The wonderful thing is that altcoins are following Bitcoin’s lead and will most likely go to the other side of the range as well,” Van de Poppe said, reiterating his prior optimism about the alt market.

“This translates to a run of 80-150 percent from the lows. I believe the most of them are bottomed.”

Bitcoin is back in the news. News reports indicate that the cryptocurrency is up by 10% over the last two weeks. The cryptocurrency saw a high of $18,000 on November 14th before falling as low as $12,000 on November 18th. The cryptocurrency has been moving within a rising channel for the past two months, and a break above the channel resistance could send Bitcoin back toward $20,000.. Read more about crypto bull run 2021 and let us know what you think.

Related Tags

This article broadly covered the following related topics:

  • bitcoin news
  • bitcoin price analysis
  • when was bitcoin at its lowest
  • bitcoin all time chart
  • why did bitcoin spike

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