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- Bitcoin is looking to settle above the $52,000 region after hitting $58,000
- If it can hold above $52,000 this will represent a great resistance/support flip
- A drop and close under $52,000 would be bearish
Bitcoin has taken a much anticipated break from its upward trajectory, rejecting at $58,000 and pulling back to the $54,000 region, undoing all of September’s losses. Having burst through the prior resistance of $52,500, it is important that Bitcoin doesn’t close beneath it if this upward momentum is to be maintained. Doing so would mean a perfect resistance/support flip has been achieved, giving Bitcoin a great platform to aim for all time highs:
Zooming out, we can clearly see the stepping stones that Bitcoin is treading into the final quarter of the year, from which we can surmise the next move:
The only bearish argument for Bitcoin is if it falls below and cannot reclaim the $52,000 region:
This scenario is less likely however given Bitcoin’s current momentum, but it is certainly worth keeping in the back of your mind. There is plenty of enthusiasm in the Bitcoin arena right now, especially with talk of a Bitcoin futures ETF approval being imminent, which suggests that $52,000 should be a stopping off point on the way to all time highs rather than thin ice to be fallen through.