Bitcoin jumped as much as 14% in the last week, helping the largest cryptocurrency by market cap reclaim two key technical resistance levels closely watched by traders.
Tone Vays, a crypto trader and analyst, took to his YouTube channel to explain about Bitcoin price swing. He said that there are signs that could signal that bitcoin is ready to continue its long-term uptrend and target its next resistance level near $56,000.
According to Vays, today’s momentum turning negative in the recent week after bitcoin fell below its $47,000 on October 4, the crypto is showing bullish signs on October 10.
However, late Saturday night’s price has strengthened bitcoin’s short-term momentum to be more positive than negative. So if the BTC breaks the current level, it would trade higher than the current value.
In addition, the analyst said that if bitcoin could surge an additional 12% and clear the next targeted resistance level of $56,000, the cryptocurrency would be well set for a resumed push to its prior record high of about $65,000, representing a potential upside of 38% from current levels. In another case, Bitcoin would go bearish.
According to CoinMarketCap, Bitcoinis trading at $55,070.75 with a 24-hour trading volume of $36,189,329,050, at press time. This means Bitcoin is down 0.19% in the last 24 hours with a live market cap of $1,037,519,166,747.
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Source: Cryptocurrency - investing.com
