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According to trader Glen Goodman, Bitcoin is facing a crucial resistance level at $50,000, which it has approached but not yet convincingly breached.
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.
The chart shared by Goodman reveals a pattern of fluctuation where Bitcoin has been wrestling with the $50,000 resistance line.
$50,000 is the key level to watch now. $BTC #Bitcoin pic.twitter.com/sKpal1AlFq
Over the past year, Bitcoin has seen a dramatic fall from its all-time high, followed by a period of consolidation and a recent upward trend.
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.
The blue dotted line demarcates the $50,000 level, a threshold that has been tested several times.
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.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.
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