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Bitcoin Price Prediction: Is Breaking Past $57,000 the Key to Reaching New All-Time Highs?

Published by
Anjali Belgaumkar

As Bitcoin nears the $57,000 resistance, it’s likely that the price will struggle to break higher in the immediate future. This next phase will be critical—if Bitcoin fails to break above $57,000 soon, the bearish trend could once again take over the market. 

Analyst Josh of Crypto World explained that Bitcoin is bouncing back from a key support level but is now hitting a major resistance area. However, the price is bouncing back from a key support level, around $52,500, which means that even in a downtrend, short-term upward moves can happen. Right now, the bigger picture is still bearish, but short-term upward moves are possible.

Bitcoin recently bounced from a support zone between $51,000 and $53,000, and it moved up to the resistance area of $56,000 to $57,000. The price is now stuck near this resistance, meaning it hasn’t yet broken through. 

For Bitcoin to turn more bullish, it needs to break above $57,000 and turn that into a new support. If it does, the price could rise to the next resistance level around $59,000 to $61,000. For a stronger sign of a bullish reversal, Bitcoin must break through key resistance levels like $57,000 and then $59,000 to $61,000.

Will The Price Stall For The Next Few Days?

In the short term, the price is likely to struggle around $57,000. If Bitcoin doesn’t break through this level in the next few days, the bearish trend could continue. But if it does break above $57,000 and stays there, it could signal a stronger bullish move.

The analyst explains that, according to the Bitcoin liquidation heat map, in the past day, Bitcoin’s price has eliminated a lot of liquidity sitting at higher levels. Much of this liquidity was around $57,000 to $57,500, with a key area between $57,600 and $57,700. On the downside, there’s also not much liquidity, which is why the analyst predicts the price will likely stall around the current resistance levels for the next few days.

Read Also: Bitcoin Price Forecast: Q3 Review and Q4 Predictions

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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