- Bitcoin’s support at $55K to $56K is crucial to maintain bullish momentum, says van de Poppe.
- Analysts eye $57K and $58.5K as key resistance, and a breakout could trigger further gains.
- Bitcoin’s retest of critical support may fuel the next rally if it holds above the trendline.
Bitcoin price action continues consolidating around key levels as traders closely watch important resistance levels following recent price action. According to analyst Michael van de Poppe, Bitcoin is experiencing a normal correction. In an X post on Wednesday, the analyst stated CPI and PPI are the events that can fuel the continuation of the trend. According to analysts, it would remain green above $55,000 and $56,000.
#Bitcoin is following the path, expecting a lot of momentum to come after CPI and PPI.
— Michaël van de Poppe (@CryptoMichNL) September 11, 2024
Just a regular correction happening currently with CPI coming up.
We'll be good if $55-56K holds. pic.twitter.com/Nk81DQyBDu
Momentum for Gains
Crypto analyst Jelle observed that Bitcoin broke out of a mini pennant formation but quickly faced resistance and dropped. However, Bitcoin trades above the 1-hour 100 EMA, a positive sign. Jelle pointed out that $58,500 is the next key level to watch. Bitcoin is trading below this level and if it could push above it, then it would likely result in a higher high.
#Bitcoin broke out of the mini pennant, got swatted down, and now trades back above the 1h 100ema.
— Jelle (@CryptoJelleNL) September 11, 2024
Looks like the Trump v Harris debate indeed brought fireworks.
Eyes on $58,500 for a local higher high from here. pic.twitter.com/9pjedJ2Jxw
Critical Support Test
Famous crypto analyst Crypto Rover provides an analysis that is in line with cautious optimism. According to Rover, a detailed review of the Bitcoin price chart shows that the cryptocurrency is testing critical support levels. This indicates an analysis showing a downward trendline where Bitcoin fell through after several attempts to resist.
Rover stressed that Bitcoin is retesting key support levels. This support retest is important to confirm the bullish trend. If Bitcoin holds above this level, it would break higher through the $57,000 barrier toward new highs. As of press time, Bitcoin is trading at $56,525, down by 1.10% over the last day.
Small Bitcoin Wallets Surge While Large Holders Stay NeutralBattle for $57,000
Earlier, CryptoTale highlighted that the BTC price remains under significant pressure to rise above $57,000. Regarding that, some have indicated that getting it back could be that Bitcoin is at least trying to open up a possible space for traders. According to today’s price analysis, the Bitcoin is making a bullish turn but the upward price movement above $57,000 must be sustained for the continued rise.
Broader Market Impact
The outcome of Bitcoin’s next move could have significant ripple effects across the broader crypto market. A successful breakout could reignite confidence and drive capital inflows into digital assets, while a failure to hold support may trigger broader market corrections. As the market waits for key data, Bitcoin’s performance remains a critical indicator of the industry’s near-term direction.
