The price of Bitcoin (BTC) saw a correction in the run-up to the record options expiry last Friday. However, nothing happened despite some expecting a massive move on the same day. The actual correction occurred before the event. On the day itself, Bitcoin’s price has bottomed out and began to rally.
The ongoing rally above $59,000 is being fueled by bullish news from Visa and PayPal as both are getting into Bitcoin and cryptocurrency payments. Put differently, the market is very much in the middle of the bull cycle and any correction is a blessing to traders and investors.
Critical support zone holds for more upside
BTC/USDT 3-day chart. Source: TradingView
As the chart above shows, the critical support area between $49,500 and $51,000 was just tested last week. Since the support held, another higher low was made, resulting in renewed upward momentum, which is playing out this wee.
The entire structure since September is massively bullish when the market broke above $12,000 and started to accelerate. The previous higher low wasTitle: Bitcoin nears all-time highs — Here’s why $73K is the next key level to watch
Sourced From: cointelegraph.com/news/bitcoin-nears-all-time-highs-here-s-why-73k-is-the-next-key-level-to-watch
Published Date: Tue, 30 Mar 2021 16:00:00 +0100