Bitcoin is at an important crossroads, and understanding where it could go next is key for anyone watching the market. The price is currently testing some critical levels, and there are a few things to keep an eye on in the short term.
Key Levels to Watch
According to an analyst, it’s important to look at Bitcoin’s moving averages, which can give clues about its direction. Right now, the 50-day moving average is sitting at around $90,000, acting as a resistance point. The 20-day moving average is just below the 200-day moving average, and this setup looks similar to past moments when Bitcoin has made a strong move up after consolidating.
However, before anything major happens, Bitcoin needs to break a key price level around $97,000. If Bitcoin can stay above this level for a few days, it could mean a move higher, but this might take some time.
Price Targets: $97,000 to $102,000
If Bitcoin moves past the $97,000 to $102,000 range, more resistance might appear. In this area, Bitcoin could slow down and enter a consolidation phase. However, if Bitcoin can push through this resistance, the long-term outlook might remain positive.
Looking back at previous price actions, Bitcoin has gone through similar consolidations before seeing bigger moves up. Even if the market looks stuck, it may just be a part of the process before a larger rally.
Altcoins: Waiting for Their Turn
While Bitcoin has been performing well, many altcoins (other cryptocurrencies) are still lagging. This isn’t unusual—Bitcoin often leads the market. The good news is that if Bitcoin continues to rise, altcoins could follow suit.
Most altcoins haven’t reached their all-time highs yet, so there’s room for growth. A rise in Bitcoin’s price could trigger movement in altcoins soon, especially as liquidity in the market increases.
