Bitcoin breaks the silence

Bitcoin surges past key resistance level of 71,000 points indicating potential bullish trend

After months of repeatedly falling short of resistance threshold and consolidations, Bitcoin finally broke silence, shooting past 71,000 mark. Optimists among the market players expect this to herald the start of a new, and bullish, era for the BTC/USDT, while those who are cautious still advise gradual betting on the climb.

Binance Square platform posted a pithy analysis of the recent shift in BTC’s movement, and here is what it had to say:

BREAKOUT CONFIRMATION

It has been a while now that Bitcoin had been testing the resistance threshold, but had not been successful, until now. However, with the recent climb above the 71,000 points, it may be fair to assume that investors have rekindled their appetite for risk and reward, which may add to this upward movement.

SUPPORT LEVELS

Looking at today’s Bitcoin movement chart, and the robust support levels around the 60,000 mark, one could expect that to act as a safety net, if the digital currency pulls back. The fact that there is plenty of wiggle room in this zone, coupled with the renewed investor interest, it will be fair to assume that this Fair Value Gap (FVG) offers a solid foundation for Bitcoin’s current price trajectory.

NEXT TARGET ON HORIZON

If BTC can maintain position above the breakout level, achieving the next immediate target at 73,777 could potentially pave the way for higher investor confidence, ushering in a new hike in the market. At the same time, it will be prudent to remain vigilant for potential pullbacks because a course correction is all but unexpected after a breakout.

WHAT NEXT?

BTC has been able to maintain strength even at lower levels since the beginning of the current calendar year. If the momentum now continues, a “significant rally” could unfold as we move into the new year.

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