Bitcoin is about to enter a fresh rise
Bitcoin is outperforming traditional markets, demonstrating its strength.
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| Bitcoin is about to enter a fresh rise. |
Important Points to Remember
- Bitcoin reached a new high of $45,000 on Wednesday.
- The positive price movement indicates the possibility of a trend reversal.
- BTC might reach $56,000 if it breaks through $48,250.
After increasing more than 20% in market value in the previous three days, Bitcoin is back in the limelight. Additional upward pressure might be enough to kickstart a fresh upsurge.
Bitcoin Makes Up For Lost Time
Bitcoin's rising trend continues, possibly indicating the start of a new rally.
As the purchasing pressure behind it grows, the main cryptocurrency is on the rise. Following three days of rising momentum, prices soared to an intraday high of $45,350 at press time. While global markets are still on shaky ground, Bitcoin looks to be on its way to brighter pastures.
The parabolic SAR indicates that BTC's downturn, which has been locked since early November 2021, may have hit its limit.
On the weekly chart, the stop and reversal points went below the price of Bitcoin, which is a bullish sign. The latest reversal suggests that the trend has shifted from bearish to positive.
In the past, parabolic SAR has been quite successful in predicting the price of Bitcoin. BTC's price increased by 73.4%, 64.4%, 43.4%, and 250.0% the past four times they stop and the reversal method changed from bearish to bullish on the weekly chart.
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| Bitcoin is about to enter a fresh rise. |
Even though the changes appear to be in favor of the bulls, IntoTheBlock's IOMAP indicates that the top cryptocurrency may yet encounter significant opposition shortly.
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Over 1.71 million BTC were acquired between $47,000 and $49,000 by nearly 3.40 million addresses. Because of the importance of this supply barrier, traders may need to wait for a decisive weekly finish above it to validate the bullish picture. If Bitcoin can break past the $48,250 barrier, it may be able to reach $56,000.
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| Bitcoin is about to enter a fresh rise. |
It's worth emphasizing that the bullish thesis will only hold if Bitcoin trades over $38,300. If prices do not hold above this support level, a sell-off might occur, sending prices back to around $30,000.
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