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Bitcoin (BTC) reclaims year open, $50,000 within reach

 


Important support successfully defended

Shows BTC/USD hovering around $46,600 on Saturday after the crypto market leader latched onto long-term support and started a fresh upleg.


The market-leading cryptocurrency had slipped as low as $44,300 earlier on Friday, but as sentiment remains positive overall, those losses were quickly recouped.


Cointelegraph expert Michaël van de Poppe reiterates that the confirmation of support makes a successful attack on the psychologically important $50,000 mark all the more likely.


"Bitcoin was able to defend an important area, which makes further upward movement likely," as the expert accordingly notes . And further:


“If we dip back into the $45,000 range then I think that would be a sign of weakness and we're likely to dip to $40,000 as well. If that doesn't happen, a move up to $50,000 could be a possibility in the next week.”


Bitcoin Price Chart. Source: Michaël van de Poppe / Twitter

PlanB, the crypto analyst behind the much-cited Stock-To-flow (S2F) forecasting model, meanwhile, is pointing to Bitcoin's continued strength in the Relative Strength Index (RSI).



The strong RSI has been a key driver of the rally over the past few weeks.


Reserve Risk points up

In addition, an on-chain indicator in March already indicated a new upswing for BTC/USD.


This metric is Reserve Risk , which shows when to invest to make “excessive” profit . The indicator has now been in the target range for more than four weeks.


Reserve risk is trending even higher, suggesting that the current upswing is far from over.

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