Bitcoin (CRYPTO: BTC) is worth over $50,000 once again, spurring bulls to act once again.
What Happened: According to CoinMarketCap data, Bitcoin brushed the $51,000 price level after seeing a price increase of over 5% from its 24-hour low of $48,457 up to $50,912.
According to market analyst Michaël Van De Poppe, the final resistance before Bitcoin can resume the bullish trend is located in the $50,712 area, while the RSI currently standing at 61.69 already invalidated the bearish divergence signal by falling under 70.
What Else: Van De Poppe also explained in his recent YouTube video that when “Bitcoin is breaking out of this $51,000 level, the chances are that we just get one vertical candle towards $58,000, or even $60,000.”
In this case, he believes that altcoins would heavily lose value against Bitcoin and not keep the pace.
The buy and sell levels contained in the order book of the world’s top crypto exchange Binance show a particularly high sell volume at the $51,000 level, with another couple concentrated seller areas before $52,000. Then, there is no comparable concentrated seller aria until the $60,000 area.
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