Bitcoin prices have been trading near $50,000 since climbing above that level late last night. Will they work through additional resistance before heading higher, or are they headed for a pullback?
“There is a pocket of low supply above which is what we call the ‘volume gap’ and prices can move up very quickly through these areas to the next level of supply.”
“Bitcoin is approaching resistance just above $51K defined by a Fibonacci retracement level,” she stated in comments provided via email. “This objective was established after its breakout earlier this month.” “If both cryptocurrencies post two decisive closes above resistance, the breakout would target their highs.”, also spoke to bitcoin prices potentially taking a break of sorts in their upward movement as they work through resistance close to $50,000.
“The swift rise could see the price of bitcoin take a breather while attempting to establish a close above $50,000.”
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