Bitcoin is at a make-or-break point because it’s going sideways after reaching a significant support level. After 5% of correction, Bitcoin has reached a point from where it can go to either side.
During last month, Bitcoin saw a price surge of almost 65%. Bitcoin is at a make-or-break point because it was trading at $29,300 on July 20 and then rose to hit a high of $48,150 on August 14. The support level of $46200 is critical because the price of bitcoin can rebound if it holds or can break if it doesn’t hold. The bullish rally of bitcoin will lead it to break the psychological resistance of $50000 and a bearish mood can lead it towards $40000.
Bitcoin is at a make-or-break. How?
The boom of bitcoin price seems to be restricted within ascending parallel channels. Every time BTC goes up to the upper or middle boundary since July 20, prices go to the lower edge of the channel due to rejection. The market value went down by 5% due to a spike in the profit-taking process. The characteristics of BTC are in line with the channel.
The channel’s lower body can serve as a rebound point toward the middle or upper trend line if BTC repeats the behavior of the past few months. Bitcoin is at a make-or-break point and it will decide future movement of this
The underlying support of BTC can break if the selling of it continues around the current price levels. Under such conditions, the BTC can break the lower support level of $46200 of the channel. Under such unique circumstances, the psychological support of $40000 will be the next target of BTC.
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