Bitcoin’s propaganda is not over and the price may soon exceed $ 50K.
What we suggested in our last analysis that BTC is likely to beat $ 40K became a reality that day. However, no one expected that it would be supported by big news such as Tesla, Uber or other large companies that showed interest in Bitcoin.
It was these reports that managed to push the price of Bitcoin by about $ 10K and approx. 25%. Bitcoin thus got through the long-problematic resistance at $ 40K in big style.
But what does the market look like at the moment?
Bitcoin currently has two areas that could act as a support area, $ 42K and $ 46K. It was in these places where we could see several significant purchases and thus a confirmation of interest from traders.
It is the fact that investors immediately showed interest in buying even at these price levels gives BTC a chance to succeed in the attack on $ 50K. When compared to the situation where BTC tried to beat $ 40K and was immediately sent back to $ 30K, the current situation is much more favorable.
Anyway we must not forget that there are big players in the market who do not respect technical analysis and can start an avalanche of sales at any time.
Technical analysis:
- Probable support area N.1 around $ 42K
- Probable support area N.2 around $ 46K
- Resistance at $ 48,400
- Key support in the area of $ 28K – $ 30K
Read also: Bitcoin miners’ rewards are at the top, confirmed by hourly earnings of more than $ 4 million
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