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Bitcoin (BTC) price crossed the $48K mark on the weekend. Currently, it is roaming around the level of $46K, while constantly fighting with the major resistance level. As revealed from the data by leading market data aggregators, Bitcoin is making attempts to take an exit from the $46K range on Tuesday.
Bitcoin Stable at $46K, May Break $55K Mark If BTC Price Crosses $48K
Though the price of Bitcoin is wandering between the $45K and $48K mark, which has acted as a trading corridor for the flagship cryptocurrency, it is attempting to knock down its last hurdle before the level of $50K.
Michaël van de Poppe revealed that $48K was the level to keep an eye on, as a breakout from that level might lead to another upward movement, provided that the bulls do not lack momentum. He said:
“If we clearly breakthrough there, that is probably going to trigger a big short squeeze, as everybody’s looking for a short in this area. It reminds me of the $6,000 zone that we had with Bitcoin. If Bitcoin is going to break through this level, I think we’re going to have a squeeze all the way up to $55,000–$56,000, the next level that we have here.”
Rekt Capital Analytical Data Speaks in Support for BTC's Upward Motion
Another analyst named Rekt Capital also agreed that there is a lot of fuel requirements for Bitcoin to move up further.
He mentioned the fact that though the currency has failed to touch the top of the earlier Ascending Triangle breakout structure, it is still finding support at the Higher Low trendline and showing respect to this structure.
Hence, Bitcoin can still show upward momentum and break above $55k as the trendline in the formation is still not disturbed.
Other altcoins in the market have been following the movements of Bitcoin, with Solana being the only significant exception.
Solana surged approximately 14% on the day marking tremendous 80% gains for the week.