Cryptocurrency analyst and investor Jason Pizzino shared the critical resistance level that Bitcoin (BTC) must overcome for a possible rally.
In his new video on YouTube, Pizzino said that if Bitcoin were to rise by around 6% from its current level, it could pave the way for a larger bull run:
If Bitcoin starts testing and closing above $58,000 in the short term, breaking this level could provide an early bounce. In this case, it would be possible to test the correction level around $61,500, which I consider important in my analysis. This is the next important resistance that Bitcoin needs to overcome to reach new all-time highs.
According to Pizzino, the bull market scenario will not be disrupted even if Bitcoin loses more than 15% of its value from its current level.
Bitcoin is still stuck in the $52,000-$53,000 range, preserving the August low of $49,000. Even if the price moves lower, a pullback to the mid-$40,000s is possible, which would not change the overall bull market scenario. However, the uptrend could gain momentum again with a close above $61,500 again.
According to CoinGecko data, Bitcoin, which has increased by 0.2% in the last 24 hours, is traded at $58,125 at the time of writing.
Stay tuned for new information.
