Bitcoin preserves $51K Here are the BTC price levels to watch – Cointelegraph

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 Michal 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 Mondays highs, it could stay between there and Aprils all-time highs for weeks or even months.

Altcoins, meanwhile, offered a mixed bag in the face of Bitcoins consolidation, with Ether (ETH) and Cardano (ADA) both flat over the past 24 hours.

Related:BTC becomes legal tender in El Salvador: 5 things to watch in Bitcoin this week

The top 10 cryptocurrencies by market capitalization were led by XRP at the time of writing, XRP/USD gaining 6.25% on the day.

As long as $50,000 stays, the altcoins will start breaking out heavily as well, van de Poppe forecast.

An existing high flyer, FTX Token (FTT), preserved 15% returns and the newly claimed $70 level.

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Bitcoin preserves $51K Here are the BTC price levels to watch - Cointelegraph