2024

Bitcoin

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 Cover image via <a href="https://u.today/">U.Today</a>
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According to trader Glen Goodman, Bitcoin is facing a crucial <a href="https://twitter.com/glengoodman/status/1755624859265048932">resistance level</a> at $50,000, which it has approached but not yet convincingly breached.&nbsp;
This level has been spotlighted as a pivotal point for Bitcoin's short-term market sentiment.
The flagship cryptocurrency is currently trading at $45,039.59, up by 4.9% over the last 24 hours.&nbsp;
<h2 id="the-pivotal-level">The pivotal level&nbsp;</h2>
The chart shared by Goodman reveals a pattern of fluctuation where Bitcoin has been wrestling with the $50,000 resistance line.&nbsp;
<blockquote>
 $50,000 is the key level to watch now. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> <a href="https://t.co/sKpal1AlFq">pic.twitter.com/sKpal1AlFq</a>— Glen Goodman (@glengoodman) <a href="https://twitter.com/glengoodman/status/1755624859265048932?ref_src=twsrc%5Etfw">February 8, 2024</a>
</blockquote> 
Over the past year, <a href="https://u.today/bitcoins-btc-epic-price-comeback-might-aim-for-56970-heres-whats-needed">Bitcoin</a> has seen a dramatic fall from its all-time high, followed by a period of consolidation and a recent upward trend.&nbsp;
The volume of trades, represented at the bottom of the chart, shows less activity during the consolidation period, which indicates a cautious approach from investors.&nbsp;
The blue dotted line demarcates the $50,000 level, a threshold that has been tested several times.&nbsp;
<h2 id="the-major-test">The major test</h2>
A break above the aforementioned level could be significant, indicating potential for further gains. However, the repeated tests of this level without a clear breakthrough highlight the market's uncertainty.
Analyst Gert van Lagen points out that Bitcoin's price moves before breaking previous all-time highs often involve a close within the 61.8-78.6% Fibonacci retracement levels.
This is followed by a test of the 61.8% level and potentially a parabolic rise beyond the previous all-time high.

$50,000 Remains Key Level for Bitcoin: Trader

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