{"id":188589,"date":"2021-02-25T12:00:00","date_gmt":"2021-02-25T09:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/what-bitcoin-price-levels-will-invalidate-the-short-term-bearish-scenario\/"},"modified":"2021-02-25T12:00:00","modified_gmt":"2021-02-25T09:00:00","slug":"what-bitcoin-price-levels-will-invalidate-the-short-term-bearish-scenario","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/what-bitcoin-price-levels-will-invalidate-the-short-term-bearish-scenario\/","title":{"rendered":"# What Bitcoin price levels will invalidate the short-term bearish scenario?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3bf3338c231\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3bf3338c231\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/what-bitcoin-price-levels-will-invalidate-the-short-term-bearish-scenario\/#51600_is_the_key_level_to_watch\" >$51,600 is the key level to watch<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/what-bitcoin-price-levels-will-invalidate-the-short-term-bearish-scenario\/#Whale_clusters_show_similar_levels_of_support\" >Whale clusters show similar levels of support<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/what-bitcoin-price-levels-will-invalidate-the-short-term-bearish-scenario\/#The_most_compelling_argument_for_a_short-term_Bitcoin_drop\" >The most compelling argument for a short-term Bitcoin drop<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># What Bitcoin price levels will invalidate the short-term bearish scenario? <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level.<\/p>\n<p>If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction rises.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/d9297345-3747-4356-8b9c-38ae4ddad046.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour price chart (Binance). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"51600_is_the_key_level_to_watch\"><\/span>$51,600 is the key level to watch<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>According to Josh Olszewicz, a cryptocurrency trader and technical analyst, the $51,600 level is currently acting as a strong resistance level.<\/p>\n<p>For Bitcoin to retest the all-time high at $58,000 and initiate a potential rally towards $62,000, it needs to cleanly move past $51,600, he explained.\u00a0<\/p>\n<p>Hence, a rally beyond $51,600 is the clear invalidation point for any short-term bearish scenario for Bitcoin.<\/p>\n<p>The failure to break out in the near term could result in a bearish test of lower support areas, found at around $42,000. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CarpeNoctom\/status\/1364819327157960704\">said<\/a>:<\/p>\n<blockquote><p>&#8220;If 4h breaks down, be prepared for some uber bearish calls to start popping at 36.7k meanwhile, I&#8217;ll be bidding the daily Kijun at 42k. Alternatively, if $BTC breaks above 4h Cloud at 51.6k, I like ATH retest at 58k, R3 yearly pivot test at 62k, macro PF diag test at 70k, R4 yearly pivot test at 80K. Seasonality suggests we go neutral\/sideways through March and then reach for those higher targets in Q2.&#8221;<\/p><\/blockquote>\n<p>The $42,000 support area is a key level because it marks the top of the previous rally. On Jan. 8, the price of Bitcoin peaked at $42,085 on Binance, seeing a steep correction afterwards.<\/p>\n<p>Bitcoin dropping to $42,000 to retest the previous top as a support area would not be necessarily bearish beyond the short term, however.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Whale_clusters_show_similar_levels_of_support\"><\/span>Whale clusters show similar levels of support<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Moreover, analysts at Whalemap <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1363844601098944515?s=20\">noted<\/a> large inflows to whale wallets at $48,500 and $46,500, which they say should provide BTC with some support.\u00a0<\/p>\n<p>&#8220;The current situation looks similar to the one we had at 29K,&#8221; they explained. What&#8217;s more, the $46,532 level may now be &#8220;the new $29,000,&#8221; which held as support during the previous correction in January before the rally continued. They added:\u00a0<\/p>\n<blockquote><p>The $55,400 is an important level to keep an eye on as well. Getting back above it will be a good sign<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/b1ddd78a-7cab-421a-8ad8-b356e4abcb18.jpeg\"><figcaption style=\"text-align: center;\"><em>Whale cluster levels. Source: <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>\/@whale_map<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"The_most_compelling_argument_for_a_short-term_Bitcoin_drop\"><\/span>The most compelling argument for a short-term Bitcoin drop<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin tends to seek liquidity after a prolonged consolidation, which means it can drop down to fill buy orders at lower support areas that can ultimately fuel a new rally.<\/p>\n<p>A pseudonymous trader known as &#8220;Salsa Tekila&#8221; echoed this sentiment. He said that there is a big support area at $41,000, followed by resistance at $54,000. He <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/SalsaTekila\/status\/1364756344537047040\">wrote<\/a>:<\/p>\n<blockquote><p>&#8220;My current take on $BTC mid term: 1) Support around $41K. 2) Resistance around $54K. Depending on context, I might trigger swings around those two vicinities. Likely just scalp until then, unless major events come to fruition.&#8221;<\/p><\/blockquote>\n<p>Bitcoin tested the $44,800 support level in the past 72 hours, but it was not enough to propel BTC above $51,600.<\/p>\n<p>This trend could cause the price of Bitcoin to drop back to the $44,800 level or to a lower support level, at $42,000.<\/p>\n<p>The ideal scenario would be for Bitcoin to hold onto the $44,800 support area if it drops again, stabilize it as a macro support level, and move back up.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/what-bitcoin-price-levels-will-invalidate-the-short-term-bear-scenario\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# What Bitcoin price levels will invalidate the short-term bearish scenario? &#8221; The price of Bitcoin (BTC) is continuing to range between $48,000 and $51,000, unable to break out of the $51,600 resistance level. If Bitcoin struggles to surpass the $51,600 resistance area in the near term, technical analysts say the probability of a correction&#8230;<\/p>\n","protected":false},"author":1,"featured_media":188590,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMDA5MjhiNWYtNjBiNy00MDk2LWIzNzEtOWNiN2NkNThmNjdhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74939,73785],"class_list":["post-188589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-market-analysis","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/188589","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=188589"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/188589\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/188590"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=188589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=188589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=188589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}