INSUBCONTINENT EXCLUSIVE:
Bitcoin will encounter its next resistance in the $50,000 to $51,000 area, an analyst said.Over the past two months, as global asset markets
were whipsawed by an increasingly hawkish Federal Reserve and then Russia's invasion of Ukraine, Bitcoin remained stubbornly in a range.Only
the briefest dip below $33,000; never above $46,000
As the sideways trading dragged on, Vladimir Putin's war in Ukraine -- and the sweeping financial sanctions heaped upon Russia in
retaliation -- added fuel to a long-running debate about crypto: Is it the ultimate haven from increasing governmental overreach? Just
another risk-on asset class? Or a convenient tool for sanctions evasion crying out for stricter policing?For technical analysts, the
discussion is of a more prosaic nature; namely, identifying the numerical levels and trading patterns that might signify a sustained trend
technical support and resistance levels
Bitcoin will encounter its next resistance in the $50,000 to $51,000 area, she said by email Thursday
to Ron William, founder of RW Market Advisory
He cites so-called accumulation patterns, which have recently been supported by safe-haven flows triggered by the escalating geopolitical
tensions.If Bitcoin manages a sustainable break above key resistance at $45,000, that opens the door for $54,000 next, said Christopher
exchange FTX, points to the 50-day moving average as well as recent lows around the $33,000 and $34,500 as levels to watch -- with $29,000
He says it's both a psychologically important level and a target in a long-term regression analysis
That's 77% below the level Bitcoin peaked at in November.
