Trader discusses the likelihood of Bitcoin reaching a new all-time high

Practising trader and founder of the Crypto Mentors project, Nikita Semov, explains the current market situation.

Bitcoin has recently been on an uptrend. Here are the key levels and why the leading cryptocurrency is currently at a significant price zone.

Quotes are pinned in a balance between the levels of $55,900 (Value Area Low — the lower boundary of the value area) and $58,900 (Value Area High — the upper boundary). In such market structures, a continuation of rotation within the defined range is usually expected. If the price breaks beyond the price corridor boundaries, a move toward $63,500 is likely.

As the liquidity at $58,900 is absorbed and patterns indicating acceptance of higher price levels appear, one can anticipate a global continuation of the upside with the potential for a new high later this year.

The upside scenario only comes into play if the price breaks above the indicated level.

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