- Bitcoin lifts off support at $43,500, targeting an upswing towards $52,500.
- Immediate support has been provided by the ascending parallel channel’s middle boundary.
- A correction toward $40,000 is still in the cards, especially if the immediate support is broken.
Bitcoin price has been proving its ability to rise to record highs after a correction. The flagship cryptocurrency’s ability to remain stable after a massive move was put to the test this week. Tesla. The electric car manufacturer announced that it had added $1.5 billion worth of BTC to its balance sheet, causing speculation to shoot up in the market.
However, the flagship cryptocurrency stalled slightly above $48,000, abandoning the rest of the journey to $50,000. A correction ensued, pushing Bitcoin to seek refuge at $43,500.
Meanwhile, the pioneer cryptocurrency has renewed the mission for another new all-time high. BTC is trading at $47,150 as bulls fight the uphill task of breaking the barrier towards $50,000.
Bitcoin is also trading within an ascending parallel channel on the 4-hour chart. The middle boundary support has played a vital role in ensuring that BTC avoids massive losses.
As long as this buyer congestion zone remains intact, the spike above $48,000 will stay steady. Note that closing the day beyond this important level will urge investors and bulls to increase their positions, adding power to the tailwind.
BTC/USD 4-hour chart
Looking at the other side of the picture
Bitcoin’s uptrend eyeing levels beyond $50,000 may be abandoned if the middle boundary support is broken. Note that, earlier this week, BTC explored support at $43,500. Therefore, if massive sell orders are triggered, the bearish leg could extend to the channel’s lower boundary. Additional support is expect at $42,000 $39,500 and $38,000.
Bitcoin intraday levels
Spot rate: $47,245
Relative change: -760
Percentage change: -1.5%