The indecisive movements seen in the price of the leading cryptocurrency Bitcoin seem to cause confusion in the market.
After the last drop, the leading cryptocurrency Bitcoin (BTC) uses $ 50,000 as support, which is interpreted by investors as the 2021 bull run is still not over.
Important Point in Bitcoin Price
Bitcoin price failed to break the $52,000 mark after hitting the $51,900 level. However, upside expectations still remain in the market as the price started to increase after pulling back to $42,000.
According to Rekt Capital, one of the popular names in the market, looking at longer-term indicators can be useful for price predictions. In its latest YouTube video, Rekt Capital states that a long-term resistance level has been turned into support before, and weekly charts prove this.
At this point, Rekt Capital states that this may be a signal of an important rebound test attempt. In addition, the buying pressure at the $43,000 level is also giving an upside signal.
On the other hand, according to the analyst, Bitcoin price is currently stuck and the probability of this squeeze towards $ 60,000 is quite strong.
How 2021 Will End
Although the market continues to say that the bull run in BTC does not end, there are also those who state that the decrease in BTC is over with the last drop. At this point, analysts state that a new low can be seen before another rise and then a consolidation process can be experienced.