Bitcoin needs to hold above crucial support to remain bullish

The central theses

• Bitcoin scheint in eine sehr volatile Phase eingetreten zu sein.
• Solange das Unterstützungsniveau von 51.000 bis 50.500 US-Dollar gehalten wird, bleiben die Marktaussichten für die Kryptowährung optimistisch.
• Ein weiterer Kaufdruck könnte BTC auf 57.200 USD drücken.

Bitcoin has broken through a critical resistance barrier that could rise nearly 13% despite recent price fluctuations.

Bitcoin remains bullish despite volatility

Bitcoin prices rose above $52,000, but the bounce was short-lived as it lost 1,000 points in minutes.

Data from Bybtshowsthat nearly $20 million worth of Bitcoin long positions were liquidated across the board over a five-hour period. The losses were due to Bitcoin’s erratic price action.

Bitcoin prices fell 2.30% after trading at a high of $52,220. When Bitcoin fell to the $51,000 support level, it led to a cascade of liquidations. Nevertheless, it appears that prices are well positioned to continue rising as long as this support level holds.

The 12-hour chart shows Bitcoin breaking out of an ascending triangle on September 5 after enduring a 17-day consolidation period. The y-axis height of the technical pattern added to the breakout point predicts a nearly 13% increase towards $57,200.

Bitcoin Must Above $50,500 remain

For the bullish thesis to be confirmed, BTC must continue to trade above the $50,500-$51,000 price range. Failure to stay above this crucial demand barrier could result in significant losses.

The Fibonacci retracement indicator, measured from Bitcoin's all-time high of nearly $65,000 in April to its low of $28,750 in June, provides a sign of where prices could go next.

A breach of the underlying support could lead to a correction towards $46,830, while aAn increase in selling pressure around this price level would likely evolve into a more bearish outlook as the next key support area lies at $42,500.