The cryptocurrency market is beginning to turn a corner from the lackluster phase it found itself in since peaking in early November. Most coins have bounced off the bottom and are taking trepidatious steps toward a recovery.
Bitcoin is seeing a consolidation move on Saturday, with the crypto fighting hard to stay above a support level around $41,000. The sideways move is implying that the bull-bear tug is in balance.
The next overhead resistance is found around the $41,700 level, which previously served a support area in early January. If Bitcoin can convincingly break above this level, it could take off to the $44,000 resistance area. Further up, the next resistance lies around $47,500.
On the contrary, if the rally fizzles, Bitcoin can go all the way back to a support zone of around $37,000. If the level does not hold, the $35,000 area could serve as the next support level.
At last check, Bitcoin was seen advancing 3.19% to $41,500.33.
Bitcoin is seeing a consolidation move on Saturday, with the crypto fighting hard to stay above a support level around $41,000. The sideways move is implying that the bull-bear tug is in balance.
The next overhead resistance is found around the $41,700 level, which previously served a support area in early January. If Bitcoin can convincingly break above this level, it could take off to the $44,000 resistance area. Further up, the next resistance lies around $47,500.
On the contrary, if the rally fizzles, Bitcoin can go all the way back to a support zone of around $37,000. If the level does not hold, the $35,000 area could serve as the next support level.
At last check, Bitcoin was seen advancing 3.19% to $41,500.33.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.