Bitcoin

Bitcoin is still close to essential levels of resistance providing more attention to traders and analysts. The short term movement of the cryptocurrency is becoming important with $57,000 being cited as a possible range for the currency to exhibit <a href="https://cryptotale.org/bitcoin-nears-key-support-levels-amid-bullish-divergence/" rel="noopener noreferrer nofollow">possible movements</a>.<h2 id="header-0">Analysts See Bullish Potential</h2>Crypto Tony, a crypto analyst, pointed out that the current price of Bitcoin has been struggling trying to advance above $57,000 level. According to the analysis, if bitcoin reclaims this level, there is likely to create an opportunity for traders to enter long positions.The recent movements of Bitcoin show an upward trend and may experience further increase in the near future provided it will be able to break the resistance level of $57,000. The analyst stated that a long position could be derived if the price goes beyond this level.Altcoin Sherpa, another expert, has cautiously been positive in the price trend of Bitcoin. The current area was pointed as an area of interest with a possibility of enhancing $60,000 in the near future. The analysis of the chart revealed some price moving average where the first one was at $58,323 while the second one was at $59,716. These levels could be potential resistance levels.The analysis notes critical resistance at $59,380 that corresponds to a 200 moving average. Still, if the price of Bitcoin penetrates this zone it can trigger a deeper rally. But as always there is caution in relation to volatility in the process.<a href="https://cryptotale.org/bitcoin-nears-key-resistance-can-it-break-57k-and-rally/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Bitcoin Nears Key Resistance: Can It Break $57K and Rally?

Table of Contents

CryptoTale

Other articles published on Sep 10, 2024

Fed’s Rate Cut Sparks Market Excitement

Crypto becomes US election issue for the first time — Survey

Employment Data Confounds Analysts While Fed Considers Slow Rate Cuts

Binance’s Tokocrypto Secures PFAK License in Indonesia

Here's How Much BTC Elon Musk's SpaceX Owns: Details

Best Long-Term Gains with Crypto: Bitcoin,Ethereum,Tether ,Binance coin and Solana

Join our free newsletter for daily crypto updates!