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Bitcoin is above $56k: What’s next for the markets?

Bitcoin’s price movement has been great, and it seems like the bull run has begun. After its price jumped to $55k a few days back, the bulls tried to take control of $56k twice. But the price got rejected from $56,100 and dropped to $54.3k before holding support and recovering. And the 3rd time around, Bitcoin was finally able to break the resistance of $56k and is now above $56.5k. This is bullish as the price is not seeing much pullback even after getting rejected.

What’s next?

Bitcoin isn’t looking at a very high resistance right now. We can easily expect the price to move to $60k from here on. At $60k, we can expect a slight pullback which is healthy as correction is required for upward price movement. After this, we can expect the price to move towards a new ATH before which the previous one is going to pose some serious resistance.

In all this, it is essential that the weekly closing this time around happens above $50,500 again to claim the support properly. And like $41k gave a serious boost to Bitcoin’s price when it fell, $50,500 should also give a similar jump in case the price retraces back. This will make sure that the bull run continues.

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Image Source: The Free Press

Altcoins

For Altcoins, things look good as well. If Bitcoin rises, alts will also rise but not instantly. As the current price movement of BTC is very strong, we can expect that the dominance of BTC continues to rise while Altcoins don’t show much movement. We can also expect some downward movement. But once Bitcoin reaches a good level where it moves sideways, we can expect another altcoin pump.

Do note that in any case, Bitcoin’s movement is very important for the pump of altcoins. And if Bitcoin breaks its ATH and moves to a new one, we can expect a tremendous rise in the prices of altcoins and DeFi tokens. After all, if this bull run continues, Bitcoin won’t give as much profit like other coins and tokens.


What are your thoughts on the fact that Bitcoin is above $56k is just 10% behind its ATH? Do you think we will see a new high this month? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Edward Snowden says CBDC is not a digital dollar.

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