$47,000 forms the basis for avoiding “any breakdown,” an analyst says after BTC/USD halts its upside at $52,000.
Bitcoin (BTC) began testing new support levels on Monday after an overnight rally paused at $52,000.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD challenging $51,000 after breaking through the level for the first time in nearly four months.
In so doing, the largest cryptocurrency was “likely” testing the staying power of support, which had acted as resistance throughout the summer.
“Strong weekly close for BTC,” trader and analyst Rekt Capital commented on the one-week chart.
At the time of writing, BTC/USD was still above $51,000, preserving the level to hover in a range just below its local highs.
Cointelegraph contributing analyst Michaël van de Poppe, meanwhile, highlighted a wider selection of support levels for Bitcoin to hold in order to preserve its momentum.
“$47,000 remains to be the last low, so that is the one that you should be staying above if you want to avoid any breakdown, but we do see that we break about $50,000, so the previous resistance here is the level that you want to sustain,” he said as part of comments in his latest YouTube update.
He added that should Bitcoin break into a range above Monday’s highs, it could stay between there and April’s all-time highs for weeks or even months.
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