Bitcoin's 52,000 pressure level hints at a pullback? Callback to add positions, long term bullish

After 26 months of hard work, Bitcoin (BTC) recently broke through the $52,000 price level with the help of inflows from Bitcoin spot ETFs. Among them, BlackRock’s IBIT has seen an inflow of more than 28,000 Bitcoins this week alone.

52,000 pressure level hints that a correction is coming

However, Swissblock, a quantitative trading team focusing on the cryptocurrency market, pointed out in a recently released report that the stalling of Bitcoin’s upward momentum may indicate that Bitcoin’s upward momentum has stalled. A price correction is coming before prices rise further. Swissblock analysts said that the $52,000 price range is an important resistance level on the long-term chart. It put pressure on prices twice in September and December 2021, and now it has once again become an obstacle to the continued rise of Bitcoin prices. Significant obstacles.

#Swissblock analysts note: Considering that prices have rapidly increased by about 33% in recent weeks, the market seems to be in desperate need of a correction, which may mean that the current rally is unsustainable. .

Callback to add positions, long-term bullish

However, Swissblock also emphasized in the report that although the market may experience some corrections, as long as Bitcoin does not break through the key support level of $47,500, any correction will be All can be regarded as good opportunities to enter the market.

Another analyst Markus Thielen expressed optimism about the future trend of Bitcoin. He pointed out that strong liquidity in the Bitcoin market and increased demand for Bitcoin futures trading could push Bitcoin prices further towards the $57,500 target price. Thielen believes that demand for Bitcoin in the market remains high, which will help support the steady growth of Bitcoin prices. He suggested that investors continue to pay attention to market dynamics and seize possible trading opportunities to obtain more profits. Overall, Thielen believes that Bitcoin still has great growth potential, and investors should actively deploy and hold Bitcoin assets.

Bitcoin appears to be facing resistance at $57,000, and given its performance in past pre-halving cycles, the potential for another leg up is seen.

The above is the detailed content of Bitcoin's 52,000 pressure level hints at a pullback? Callback to add positions, long term bullish. For more information, please follow other related articles on the PHP Chinese website!