Bitcoin looks strong as it outperforms traditional markets. At the time of writing, BTC is trading around $43,400.
- Bitcoin broke above $45,000 on Wednesday.
- Rising price action indicates a potential trend reversal.
- Breaking $48,250 could send BTC to $56,000.
Bitcoin is back in the spotlight after gaining more than 20% market cap in the last three days. More upward pressure could have the power to start a new uptrend. As Kriptokoin.com, we have compiled the details for you, let’s examine the subject together…
Bitcoin price has entered an upward trend again!
Bitcoin continues to trend upwards, signaling the possible start of a new uptrend. The leading cryptocurrency is on the rise as the buying pressure behind it increases. Prices rallied as high as $45,350 after three days of bullish momentum. While global markets remain on shaky ground, Bitcoin appears to be heading towards greener meadows.
Source: TradingView The parabolic SAR shows that the downtrend that BTC has been trapped in since early November 2021 may have been exhausted. The stop and reversal points on the weekly chart have dropped below the Bitcoin price, which is considered a positive sign. The last turn shows that the direction of the trend has changed from bearish to bullish. Historically, the parabolic SAR has been quite influential in determining the course of Bitcoin price. The last four times the stop and reversal system has gone from bearish to bullish on the weekly chart, the price of BTC has increased by 73%, 644%, 43% and 250% respectively.
Exceeding $48,250 could push Bitcoin to $56,000
Although the odds seem to be in favor of the bulls, according to analysts, IntoTheBlock’s IOMAP shows that the top cryptocurrency is still with stiff resistance ahead. reveals that they can meet. About 3.40 million addresses had previously purchased more than 1.71 million BTC between $47,000 and $49,500. Given the importance of this supply wall, traders may need to wait for a decisive weekly close above it to confirm the optimistic outlook.
Source: IntoTheBlock Breaking the $48,250 barrier could push Bitcoin to $56,000, according to analysts. It is worth noting that for the bullish thesis to be valid, Bitcoin must be traded above $38,300. Failure to hold above this support level could trigger a sell-off that sends prices back to $30,000.
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