Bitcoin price seeks higher low as trader forecasts $45K breakout within weeks

 

Bitcoin will need several attempts, but resistance should ultimately fall to bulls, however, a healthy consolidation is also required, market participants explain.

Bitcoin (BTC) traded steadily on Tuesday after a surge above $40,000 resulted in higher levels broadly holding.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering near $37,000, around 8.8% below the peak of Monday’s gains.

Its first trip above $40,000 in six weeks, Bitcoin price action is now attempting to consolidate and form support at a higher low, Cointelegraph contributor Michaël van de Poppe said.

“Bitcoin rejects at the range high, which isn't strange,” he explained in a Twitter update Tuesday.

A look at buy and sell levels on major exchange Binance confirmed the significance of those price points, with buyer support significantly in evidence only below $36,000. Sellers, on the other hand, remained clustered at $40,000 and above.

The area immediately after $40,000 remains a decisive hurdle to overcome for Bitcoin bulls, with analysts arguing that doing so would unleash the bull market continuation that so many continue to wait for.

“Did people really expect 45-48k in one day?” popular trader Pentoshi reasoned.

That scenario would place BTC/USD on track to reach $47,000 in August, the minimum — if controversial — monthly close predicted by stock-to-flow model creator PlanB.

Bitcoin’s comedown from local highs, meanwhile, spelled problems for altcoins.

Ether (ETH), the largest altcoin by market capitalization, dipped 11% following a copycat move to highs of its own at $2,432 on Bitstamp.

Many major altcoins fared likewise, with 24-hour losses of 10% or more not uncommon at the time of writing.

“The great part is that altcoins are following suit with Bitcoin and will most likely run towards their other side of the range too,” van de Poppe nonetheless added in a hopeful forecast, repeating previous conviction about the altcoin market.

Cointelegraph