In recent days there has been a lot of enthusiasm around Bitcoin, and it may be because according to multiple analysts there is a possibility that it is about to reach and exceed $ 60,000 in the coming months. However, before that we must consider fundamental aspects for BTC.
At the beginning of the report, Bitcoin is trading $ 51,377 and registers a gain in the last 24 hours of 2.27% and a cumulative gain in 7 days of 7.8% according to CoinMarketCap.
Bitcoin could hit its ATH for these reasons
First of all, we must highlight an important news that just emerged a few hours ago, where it stands out that El Salvador has already established that Bitcoin will be a legal tender in the country; these changes will take effect from Tuesday.
In addition to this, a Bitcoin fund totaling $ 150 million was recently approved in the same country. However, the price action refuses to give up gains even though BTC is supported by excellent fundamentals; that could easily position you above $ 55,000.
On the other hand, we have also noticed an excellent recovery in the Bitcoin HASH rate; Let us remember that days ago it had fallen due to the constant repression of China against the miners. However, it has consolidated this last week above 130 EH / s.
It should be noted that the market analyst and creator of the Stock-To-Flow model points out that there is a possibility that Bitcoin will reach the figure that marks its indicator for November-December. We are talking about seeing BTC near $ 100,000 or above. PlanB’s words were:
Short-term analysis and preview of BTC
In our analysis of Bitcoin we note that the queen has been following a pattern that exposed the date of the next fall. I’ll explain it to you, as can be seen in the lower chart, the vertical lines mark the points at which the RSI was at overbought levels.
At this degree traders begin to take profits; which totally coincides with the resistances that had been created before by BTC.
The action taken by traders causes the price to correct until it falls below the 25-period EMA and reaches the lower margin of the regression channel; Considering the current market buy / sell orders, we note that it is unlikely to see BTC below $ 49,000 again.
However, the next correction is projected near $ 50,000 in 2-3 days.
Summary: What will happen?
First of all, it is worth noting that our analysis of Bitcoin points to a correction near $ 50,000. Even so, considering the high number of buy orders that can be seen on Binance, we realize how almost impossible it would be to lose this level today.
And as we suggest, sell orders are displayed at $ 51,000 by traders taking profit. It can even be said that the highest resistance of BTC is located at this level, and if we overcome it we could easily reach $ 59,000. Stay tuned to the graphs and follow us, here we tell you everything.
The information in this content should be taken for informational purposes only, not intending under any point of view to urge the purchase / sale of financial assets.