{"id":641243,"date":"2024-09-11T22:00:20","date_gmt":"2024-09-11T22:00:20","guid":{"rendered":"https:\/\/www.ktsl888.com\/?p=641243"},"modified":"2024-09-11T15:08:07","modified_gmt":"2024-09-11T15:08:07","slug":"bitcoin-retesting-57000-good","status":"publish","type":"post","link":"https:\/\/www.ktsl888.com\/news\/bitcoin\/bitcoin-retesting-57000-good\/","title":{"rendered":"Why Bitcoin Retesting $57,000 Is Good For The Price"},"content":{"rendered":"

Bitcoin (BTC) is finally making a comebac<\/span><\/a>k, with recent price spikes signaling a potential start of the long-awaited market bull run. As the cryptocurrency retests the $57,000 level, this renewed momentum could ignite a positive price rally, potentially <\/span>driving more gains for Bitcoin<\/span><\/a>.\u00a0<\/span><\/p>\n

Bitcoin Retests New Levels At $57,000<\/h2>\n

On Tuesday, September 10, Santiment, a market intelligence platform, disclosed a new positive change in <\/span>Bitcoin\u2019s price movements<\/span><\/a>. The platform revealed in an X (formerly Twitter) <\/span>post<\/span><\/a> that Bitcoin\u2019s market value has experienced a notable uptick, <\/span>skyrocketing to $57,600<\/span><\/a> this week.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here\u2019s When<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Notably, Bitcoin\u2019s price surged more than 4.8% on Monday, September 8, marking a significant milestone for the cryptocurrency, which has been recording <\/span>persistent price declines<\/span><\/a> over the past few months. Earlier in August, the price of Bitcoin crashed below the $50,000 level, reflecting a decline of more than 20%.\u00a0<\/span><\/p>\n

This massive price decline was triggered by various factors including <\/span>large scale liquidations from the German government<\/span><\/a> and the increased sell off fears and market uncertainty fueled by <\/span>Mt.Gox\u2019s Bitcoin distribution plan<\/span><\/a>. As the market digested the price crash, Bitcoin fought its way back from previous lows to hit its current price above $56,000.\u00a0<\/span><\/p>\n

Currently, the <\/span>cryptocurrency is retesting new support levels<\/span><\/a> around $57,000. A push above this price mark could potentially signal the onset of an even larger rally. Santiment has disclosed that Bitcoin\u2019s recent price increase has come amidst short-selling activities ongoing on major crypto exchanges such as Binance and Bitmex since September 7.\u00a0<\/span><\/p>\n

Based on the current market sentiment, the market intelligence platform suggests that the prevailing Fear, Uncertainty and Doubt (FUD) amongst investors in the crypto market could contribute to an even higher price surge for Bitcoin.\u00a0<\/span><\/p>\n

This <\/span>bullish sentiment<\/span><\/a> is also shared by <\/span>Michael van de Poppe, a popular crypto analyst, who has <\/span>reported <\/span><\/a>that Bitcoin is presently holding a price range between $58,000 and $56,000. Poppe indicated that the cryptocurrency is showing strong price fundamentals, while many <\/span>altcoins are gaining momentum<\/span><\/a>.\u00a0<\/span><\/p>\n

\"Bitcoin
Source: X<\/figcaption><\/figure>\n

The analyst expressed surprise that Bitcoin was able to invalidate his previous bearish set up to break above $56,000. As such, Poppe expects more <\/span>positive inflows into the market<\/span><\/a> if Bitcoin can have a retest above $55,000. He <\/span>believes<\/span><\/a> that if the cryptocurrency can break through this level, its price could surge to new levels between $60,000 to $61,000 in the coming weeks.\u00a0\u00a0<\/span><\/p>\n

Historical Patterns Suggests Imminent BTC Break Out<\/h2>\n

A crypto analyst, identified as \u2018Rekt Capital\u2019 on X has made a <\/span>bullish projection<\/span><\/a> for Bitcoin, anticipating a major price breakout for the cryptocurrency soon. Historical patterns currently suggest that Bitcoin could potentially <\/span>experience a significant price rally<\/span><\/a> and push out of bearish trends in the next two weeks.\u00a0<\/span><\/p>\n

Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December<\/a><\/div>\n
\"Bitcoin
Source: X<\/figcaption><\/figure>\n

Rekt Capital has disclosed that the month of <\/span>September is typically a bearish period<\/span><\/a> with limited monthly returns for Bitcoin. However, chances are that by October, Bitcoin\u2019s price could surge considerably, extending this positive momentum into November and December.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC price fails to hold $56,000 | Source: BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is finally making a comeback, with recent price spikes signaling a potential start of the long-awaited market bull run. As the cryptocurrency retests the $57,000 level, this renewed momentum could ignite a positive price rally, potentially driving more gains for Bitcoin.\u00a0 Bitcoin Retests New Levels At $57,000 On Tuesday, September 10, Santiment, a market intelligence platform, disclosed a new positive change in Bitcoin\u2019s price movements. The platform revealed in an X (formerly Twitter) post that Bitcoin\u2019s market value has experienced a notable uptick, skyrocketing to $57,600 this week.\u00a0 Related Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7, Here\u2019s When Notably, Bitcoin\u2019s price surged more than 4.8% on Monday, September 8, marking a significant milestone for the cryptocurrency, which has been recording persistent price declines over the past few months. Earlier in August, the price of Bitcoin crashed below the $50,000 level, reflecting a decline of more than 20%.\u00a0 This massive price decline was triggered by various factors including large scale liquidations from the German government and the increased sell off fears and market uncertainty fueled by Mt.Gox\u2019s Bitcoin distribution plan. As the market digested the price crash, Bitcoin fought its way back from previous lows to hit its current price above $56,000.\u00a0 Currently, the cryptocurrency is retesting new support levels around $57,000. A push above this price mark could potentially signal the onset of an even larger rally. Santiment has disclosed that Bitcoin\u2019s recent price increase has come amidst short-selling activities ongoing on major crypto exchanges such as Binance and Bitmex since September 7.\u00a0 Based on the current market sentiment, the market intelligence platform suggests that the prevailing Fear, Uncertainty and Doubt (FUD) amongst investors in the crypto market could contribute to an even higher price surge for Bitcoin.\u00a0 This bullish sentiment is also shared by Michael van de Poppe, a popular crypto analyst, who has reported that Bitcoin is presently holding a price range between $58,000 and $56,000. Poppe indicated that the cryptocurrency is showing strong price fundamentals, while many altcoins are gaining momentum.\u00a0 The analyst expressed surprise that Bitcoin was able to invalidate his previous bearish set up to break above $56,000. As such, Poppe expects more positive inflows into the market if Bitcoin can have a retest above $55,000. He believes that if the cryptocurrency can break through this level, its price could surge to new levels between $60,000 to $61,000 in the coming weeks.\u00a0\u00a0 Historical Patterns Suggests Imminent BTC Break Out A crypto analyst, identified as \u2018Rekt Capital\u2019 on X has made a bullish projection for Bitcoin, anticipating a major price breakout for the cryptocurrency soon. Historical patterns currently suggest that Bitcoin could potentially experience a significant price rally and push out of bearish trends in the next two weeks.\u00a0 Related Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction For December Rekt Capital has disclosed that the month of September is typically a bearish period with limited monthly returns for Bitcoin. However, chances are that by October, Bitcoin\u2019s price could surge considerably, extending this positive momentum into November and December.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":641263,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-641243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\nWhy Bitcoin Retesting $57,000 Is Good For The Price<\/title>\n<meta name=\"description\" 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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