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Bitcoin's (BTC) Epic Price Comeback Might Aim for $56,970, Here's What's Needed

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Thu, 8/02/2024 - 14:40
Bitcoin's (BTC) Epic Price Comeback Might Aim for $56,970, Here's What's Needed
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Bitcoin (BTC), the biggest cryptocurrency by market cap, is showing signs of recovery following a period of pullback after the ETF euphoria waned. In a surprising recovery,  BTC surpassed $44,000 for the first time since Jan. 12.

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At the time of writing, Bitcoin was trading at $44,716, up 4.36% in the last 24 hours. The price rebound of Bitcoin puts it on track to challenge key resistance levels at $47,360 and $56,970.

In a recent analysis on X, crypto analyst Ali highlights the key support and resistance levels for Bitcoin as it gears up for a major move. 

According to Ali, the $42,560 price range appears to be a solid support level for Bitcoin, and it would be unusual to see Bitcoin go below this important support level in the future, given that 1.02 million BTC were last transacted within this range.  

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Bitcoin: 912,626 BTC Traded at Historic Interest Price Zone

As reported over the weekend, Ali identified the $42,560 price range as the most significant interest zone for Bitcoin to date, citing the large quantity of BTC transacted within this range.

Conversely, the biggest resistance levels to watch if BTC remains above the $42,560 support zone are $47,360 and $56,970.

Other analysts have identified the $47,000 level as the next major hurdle for Bitcoin beyond its present price. If this level is surpassed, Bitcoin might then target the $56,970 level.

Earlier in the week, the Glassnode cofounder, who goes by the name "Negentropic" on X, noted that BTC's movement reflected ongoing recovery from a significant pullback. Looking ahead, he expects Bitcoin will reach the upper bounds of a potential consolidation range between $40,000 and $47,000.

Bitcoin on track to $45,000; what analysts say

Bitcoin surged to $44,900 in Thursday trading, its highest level since Jan. 12, a day after spot Bitcoin exchange-traded funds (ETFs) began trading in the United States. If Bitcoin closes in the green today, it will have had four days of advances, driven by a breach of the daily MA 50 at $43,011. With this feat, there are good expectations for the Bitcoin price.

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Bitcoin Halving Could Propel BTC Price to $280,000, Here's How

According to Matthew Hyland, a crypto analyst, a weekly close above $44,000 would be a complete game-changer, and the next few days may decide BTC's next direction.

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