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Bitcoin Found a Strong Psychological Support At $47,000

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Bitcoin (BTC) is getting close to new all-time highs. The virtual currency has been traded between $55,000 and $57,500 for the last few days and the digital asset could continue moving higher in the future. In recent weeks, we have also seen how $47,000 became a strong psychological support and resistance level. 

$47,000 Supported Bitcoin From Falling

After weeks in which Bitcoin couldn’t hit a new all-time high, we could confirm that $47,000 became a very important price level for the digital assets. No news or information could affect this strong psychological level that traders found close to this region. 

Bitcoin price

As you can see, the 47k region worked first as a resistance level that couldn’t be crossed in the first attempts. However, once it was able to surpass that level and retest this region as support we saw Bitcoin moving to its all-time highs. 

When Bitcoin retraced from the top, we have also seen $47,000 working as a support and resistance level between the 22nd February and March 8th. Now, we are in a similar situation as when Bitcoin surpassed $47,000 for the first time. The main difference is that we are still not surpassing BTC’s previous all-time high registered in mid-February. 

The chart is also showing the price of BTC moving higher but the RSI trending downwards. It is certainly important to follow these divergent trends and understand whether the volume could also help the price of Bitcoin hit $60,000 for the first time in history. 

Positive Crypto Market

There are also some things we need to take into consideration about other cryptocurrencies. We have seen how altcoins moved higher following Bitcoin’s price action. In recent weeks, Bitcoin has been dominating the market. 

This is something that we can see when analyzing Bitcoin’s market dominance, which remained relatively high throughout the bull run that started in March 2020. 

In recent days, we have seen a stabilization in the altcoin market, without massive price increases. Litecoin (LTC) remains the largest gainer among the top 10 after growing by 10% in the last 24 hours. 

Binance Coin (BNB) and Ethereum (ETH) are retracing by 4% and 2%, respectively. Other digital assets are not registering very large price movements. This shows we could be in a period of accumulation before another move higher in the coming weeks. 

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