BTC consolidates, where will it go next?

BTC consolidates, where will it go next?
Written by Publishing Team

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The whole market capitalisation added 0.51% to $1.99trn over the last 24 hours. – Photo: Shutterstock

Bitcoin (BTC) was flat, trading in the $43,000 – $45,000 range in London morning trade, as the market awaits for hints that could spark a bullish or bearish momentum. The whole market capitalisation added 0.51% to $1.99trn over the last 24 hours.

Analysts from Delphi Ventures, Jason Pagoulatos and Kevin Kelly, predict that if BTC keeps grinding higher, it could be met with what “will likely be a heavy level of resistance” at $46,000-$48,000.

“Above this level and we likely see a squeeze towards $50K+,” they write.

“If the structure is indeed shifting from a downtrend into a more bullish market structure, we would like the first level of support to hold and for buyers to front run our lower levels. This means we want to see $40K hold. Should we lose $40K, the next level of market structure is at the $38.5K area, as it previously acted as resistance, and has since become support. Should we lose this level, we’d expect prior lows to be revisited once again,” they added.

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