Bitcoin price has regained its momentum with a bullish start this new year. Last year has been a breakout year for the digital currency industry as a whole despite the year-end struggles that have kept the price of Bitcoin pinned below $48k. However, many were bullish that the price would hit$100k by the end of last year.
According to data from TradingView, Bitcoin price remained highly volatile over the last couple of days. Following the scenario, several analysts in the crypto market are concluding their perception about the 2021 BTC price action. Moreover, they also highlighted some points regarding what investors should expect this year.
Bitcoin price resistance flips to support
Bitcoin price analysis has been discussed by market analysts and experts. Rekt Capital, one of the pseudonymous Twitter analysts, has tweeted a post highlighting that the coin designed by Satoshi Nakamoto has flipped a major resistance zone into support.
According to the analyst, BTC has turned the February, August, and September resistance into new support this month. Moreover the coin is looking for a monthly candle close above the green zone shown in the chart above to confirm the level as a new support zone.
Following the levels to watch in the days ahead is keeping an eye on the $48.5k price level as a gauge for the overall strength of Bitcoin. According to analysts, the asset is able to reclaim $48.5k as support by the end of this week and then the coin could once again revisit $52k resistance.
$52k is the major short-term hurdle
The outlook into the year-end weakness of Bitcoin price was offered by David Lifchitz, the managing partner and CIO at ExoAlpha, who pointed the finger at institutional players.
According to him, the volatility of the past week is in large part associated with weak liquidity in the market. Moreover, he suggests that it wouldn’t be surprising to see Bitcoin back up to $50k in the next two days.