Seasoned blockchain analyst Charles Edwards indicates next major resistance levels for largest cryptocurrency
Charles Edwards, macro Bitcoin (BTC) analyst and author of popular Bitcoin Energy Value Model chart, shares his estimations of the two most crucial levels for the largest cryptocurrency. His optimism echoes the positive market sentiment, data shows.
BTC price: $58,000 next resistance, but drop below $35,000 looks ugly
Bitcoin (BTC), the largest digital asset by market capitalization, managed to close multiple days above both weekly and monthly resistance levels. That being said, its price is set to meet the next significant resistance at $58,000, or 56% above its current price.
We've now closed multiple days above both Weekly and Monthly resistance. The next significant resistance $58K. pic.twitter.com/vxUOOpzeO6— Charles Edwards (@caprioleio) November 9, 2023
The major weekly resistance level takes place over $31,700, while the monthly resistance was smashed by the BTC price over $35,000, Charles Edwards added.
At the same time, this forecast needs Bitcoin (BTC) to close the week above $35,000. Otherwise, the situation might be "ugly" for Bitcoin (BTC) bulls, he opined.
He also stressed the importance of proper risk management in periods of increased volatility. In the last four days, the Bitcoin Volatility Index (BVOL) more than doubled following the BTC price rally, per TradingView data.
Meanwhile, based on technical analysis instruments, Bitcoin (BTC) might have its "next stop" at $40,200, as covered by U.Today.
Bitcoin (BTC) routinely renews 2023 high
Followers of Charles Edwards also opined that $42,000 might be another crucial resistance level for the ongoing rally of the largest cryptocurrency.
As of printing time, Bitcoin (BTC) is flirting with the $37,000 level, being 4.5% up in the last 24 hours. Yet again, Bitcoin (BTC) outperforms other cryptocurrencies.
Bitcoin (BTC) has not been so high since the collapse of the Terra (LUNA) ecosystem in May 2022. It, therefore, inches closer to a year-and-a-half high.
Bitcoin Fear and Greed Index is sitting in the "Greed" zone at 69/100.