The dreary weekend confined the wider crypto market cap well within $2.29 trillion. However, Bitcoin, Ethereum, and Solana are trading inwardly within a narrow price range with no big spikes. This week would play a decisive role in terms of whether the bull market is going to betide in the next couple of weeks or by early 2022.
The flagship has managed to generate a few nice lower highs over the past week. Whilst it is back at the $50k range, this week would become crucial in terms of breakout and retest. A crypto analyst Micheal Van De Poppe has mentioned important resistance levels on which traders need to be cautious before perpetrating their trade.
BTC Price Caution! Important Resistance Levels Ahead!
Bitcoin price is now high by $2,000 in contrast to Friday’s CME group market close. Hence, the asset is expected to correct the value in order to meet the CME price. Micheal Van De Poppe, an Analyst from the crypto fraternity sheds light on the same, he uttered that he will remain cautious of the correction. Further, he mentions two crucial resistance levels to pass in order to confirm upward momentum.
The analyst points out $50.6k and $51.4k as the next two crucial levels to pass. Whilst the CME market close on Friday hints at correction, an analyst was alarmed on potential rejection ahead of the resistance test. However, he is seen optimistic of some longer consolidation prior to the crucial leg up.
BTC Price To Claim $60k By This Weekend?
A Protagonist from the Crypto fraternity Pentoshi has shared a probable positive outlook for the BTC price action ahead of this week. In his recent tweet, he predicts the flagship asset to claim its immediate lower highs between $52k to $53k. The asset holds significant strength in between those levels.
Further, the asset needs to clear the barriers of the trendline, market structure, 21 weekly MA, 4 hours, and 1 day MA’s EMA’s in order to resume upward movement. The analyst is hopeful of BTC’s price to claim $60k by the weekend if it passes these resistance levels by reducing the downside risk.
Collectively, the ongoing decision would become a decision to confirm the market structure. If a significant number of buyers enter the market to help rise from the above resistance levels, then a short bull cycle is expected. Whilst CME market close is ahead, even BTC price may undergo requisite correction prior to the bull run.