Cryptocoin. com, Bitcoin broke the $45,000 level after breaking a series of resistance levels. Since the drop in May, Bitcoin price has been trading in a wide range between $30,000 and $42,000. As seen in the chart above, the crypto bounced between highs and lows while holding the mid-level at $36,500.
Bitcoin price will be traded in what ranges?
According to data collected earlier this year, $42,000 was a very significant range. In January 2021, Bitcoin saw its first peak reaching $42,000, and then went through a brief correction period to retest the $42,000 peak before making a minimum correction to $30,000. However, as the price gained strength at $30,000, the market took the cryptocurrency to a new high at $64,000.
We can see a similar breakout taking place in the BTC market right now. If the market can sustain this rally, BTC could be range-bound between $49,000 and $52,000, according to an analyst named Namrata Shukla. However, this will only be possible if the price is above $42,000. In the event of a price reversal, BTC could drop to $36,500, which proved to be strong support before.
Other altcoins are also on the rise
At the time of writing, Bitcoin was trading at $44,483, and the remaining crypto market was also bullish. Cryptocoin. com
As we reported , Ethereum is leading this bullish round again as it has witnessed a rally of almost 27 percent in the last 2 days. Meanwhile, other altcoins have also recorded a strong uptrend. This sudden rally turned market sentiment into greed.
Until last month, i.e. a few days ago, it seems that the market was still at the “Extreme Fear” level, but as the price started to rise, the sentiment now reached “Greed” and gained momentum.