After a month-long buildup, Bitcoin appears to be back on the right track as the price despite the rejection remains solid above $49,000. At the current pace, the path towards $50,000 appears to be very clear, but some pivotal areas need to be tested. These areas can determine the next movement of the bitcoin price.
The asset did a great job in the third quarter despite some heavy selling. Hence, it is the top performing asset board with a jump of 49.1% year-to-date. At the moment, Bitcoin is heading for a crazy move as the strong resistance above $48K has successfully flipped to support levels.
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The price is currently at the top of an ascending triangle which may break within a small time frame. The next resistance is around $50,500 and later between $52,500 and $53,000. With the trend reversal at the beginning of the current trading month, the price seems to be following a certain pattern.
Each time the price rises and consolidates for a specific period. And if the similar trend continues, it could quickly approach a long-term build-up. Otherwise, the price may test the next resistance levels. However, the support level now is between $48,200 to $48,600. Thus in the event of a pullback, the support levels can keep the price strong.
Collectively, Bitcoin is about to break the ascending triangle and push towards the next resistance levels. Although there are hurdles, BTC price may reach the next target soon. But at first, crossing the $50K threshold and staying above those levels seems obligatory.
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