The leading cryptocurrency Bitcoin started to record downward price movements from the $51,000 resistance zone, where it was traded in the first hours of the day, and declined to $49,000 price levels. This depreciation in Bitcoin also gave a bearish momentum to the cryptocurrency market. In this context, Ethereum started to trade at the price levels of $ 3,900 after the depreciation it recorded.
Does the Uptrend Continue?
Evaluating the current state of the market in his latest Youtube broadcast, veteran crypto analyst Tone Vays stated that Bitcoin has been in an uptrend since the collapse in March 2020. Vays said that the technical outlook on BTC is positive and the monthly chart is giving a bullish signal. Stating that Bitcoin’s failure to overcome strong resistance levels in a short time may cause higher value increases in the coming months, Vays added that the upward trend that has been continuing since 2020 still continues.
Critical Resistance Levels in Bitcoin
Stating that the price level of $ 51,750 has a critical role in the short term, the experienced crypto money analyst drew attention to the resistance levels that must be overcome in order for the high rate of value increases to continue. Vays stated that overcoming the $ 60,000 resistance level is of great importance for the crypto money market in order to record an upward movement that can reach the price levels of the leading cryptocurrency Bitcoin to $ 100,000.
The information contained in this article does not constitute investment advice. Investors should know that cryptocurrencies carry risks due to their high volatility and should perform their transactions in line with their own research.