{"id":334120,"date":"2021-09-03T03:37:06","date_gmt":"2021-09-03T00:37:06","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/traders-identify-51k-as-the-key-level-for-bitcoin-to-overcome-in-the-short-term\/"},"modified":"2021-09-03T03:37:06","modified_gmt":"2021-09-03T00:37:06","slug":"traders-identify-51k-as-the-key-level-for-bitcoin-to-overcome-in-the-short-term","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/traders-identify-51k-as-the-key-level-for-bitcoin-to-overcome-in-the-short-term\/","title":{"rendered":"# Traders identify $51K as the key level for Bitcoin to overcome in the short term"},"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-6a3d8792542ba\" 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-6a3d8792542ba\" 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\/traders-identify-51k-as-the-key-level-for-bitcoin-to-overcome-in-the-short-term\/#Bitcoin_finally_broke_out_of_resistance\" >Bitcoin finally broke out of resistance<\/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\/traders-identify-51k-as-the-key-level-for-bitcoin-to-overcome-in-the-short-term\/#Rejection_at_overhead_resistance_could_prompt_a_drop_to_41300\" >Rejection at overhead resistance could prompt a drop to $41,300<\/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\/traders-identify-51k-as-the-key-level-for-bitcoin-to-overcome-in-the-short-term\/#Bulls_need_a_close_above_51000\" >Bulls need a close above $51,000<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Traders identify $51K as the key level for Bitcoin to overcome in the short term <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>The crypto market is back in high spirits on Sept. 2 after Bitcoin price briefly t<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed the $50,000 level in the early morning trading session. The move above the key resistance level came as industry insiders hinted that major companies and institutional investors hinted that recent Bitcoin purchases would soon be disclosed in public documents. <\/p>\n<p>Additional bullish <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> came after Vast Bank announced that it had become the first U.S. bank to allow customers to buy, sell and hold Bitcoin (BTC) directly in their checking accounts.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/49e85911-2da7-41db-9f9b-c609ec678f43.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 1-day chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>Here\u2019s what traders and analysts are saying about what to expect next from Bitcoin now that it is trading near the psychologically important $50,000 level. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoin_finally_broke_out_of_resistance\"><\/span>Bitcoin finally broke out of resistance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This latest move from Bitcoin managed to break above the bottom trendline of the ascending channel and according to Rekt Capital, a pseudonymous crypto analyst on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>, BTC needs to test $51,000 before the market has a better idea of whether $50,000 will hold as support.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> recently broke a Lower High resistance (blue)<\/p>\n<p>BTC needs to successfully retest this blue diagonal as support if it is to springboard to ~$51,000 next<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&amp;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/HXxZmRpKkY\">pic.twitter.com\/HXxZmRpKkY<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1433509751468564482?ref_src=twsrc%5Etfw\">September 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Based on the chart provided, Rekt Capital warned to be on the lookout for a retest of the support line which could see the price drop as low as $48,500. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rejection_at_overhead_resistance_could_prompt_a_drop_to_41300\"><\/span>Rejection at overhead resistance could prompt a drop to $41,300<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Further insight into Bitcoin&#8217;s price action came from Crypto Chase, who is looking at the $56,000 price level as a signal to go long.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <\/p>\n<p>Potential longs. Green box is a rough idea of where I&#8217;d enter. First scenario is S\/R flip, second scenario is simply bidding a level.<\/p>\n<p>Either way I&#8217;m looking to get long towards 56K.<\/p>\n<p>Lose blue and I&#8217;d prob flip bear till 41.3K. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/p7KZqqgWTv\">pic.twitter.com\/p7KZqqgWTv<\/a><\/p>\n<p>\u2014 Crypto Chase (@Crypto_Chase) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Crypto_Chase\/status\/1433328179582734342?ref_src=twsrc%5Etfw\">September 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While the trader did not indicate which scenario is most likely to develop, he did point out that a support\/resistance flip of the zone highlighted in blue would play a role in determining the direction of the trend.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>BTC price returns to $50K as Bitcoin bears lose $450M in daily liquidations<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bulls_need_a_close_above_51000\"><\/span>Bulls need a close above $51,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cointelegraph contributor Micha\u00ebl van de Poppe also suggested that Bitcoin needed to secure a close above $51,000 in order to see continuation. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">To me, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> still has to break that $51K level here for further bullish momentum.<\/p>\n<p>Overall, sideways action suits <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/altcoins?src=hash&amp;ref_src=twsrc%5Etfw\">#altcoins<\/a> nonetheless. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/acpIDaBZOw\">pic.twitter.com\/acpIDaBZOw<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1433489901824184331?ref_src=twsrc%5Etfw\">September 2, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As highlighted in the chart provided above, the $51,000 level was a significant price level during BTC&#8217;s run-up in early in 2021, so a breakout above this level would need to be seen in order to confirm that the trend change is confirmed.<\/p>\n<p>Failure to break out above this level could result in further consolidation for BTC and this would bode well for altcoins which typically pack on significant gains when Bitcoin price trades sideways.<\/p>\n<p>The overall cryptocurrency market cap now stands at $2.227 trillion and Bitcoin\u2019s dominance rate is 41.8%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The move above the key resistance level came as industry insiders hinted that&#8230;<\/p>\n","protected":false},"author":1,"featured_media":334121,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNTg2ZDY1YmYtMTNiYy00NDAxLThhMTMtNmUyYTJlYzljNGNjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74982,74863,75150,73785],"class_list":["post-334120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-btc-markets","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/334120","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=334120"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/334120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/334121"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=334120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=334120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=334120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}