Bitcoin (BTC) can make a strong comeback if it breaks this level

After Bitcoin (BTC) dropped below the $ 5,000 support level yesterday, with the support of the bulls, it quickly returned to the $ 5,200 level. Although both bears and bulls seem to be in a deadlock, the footsteps of a potential rise for Bitcoin are heard. Of course, this will happen with Bitcoin breaking the current key resistance level.

Yesterday was a very difficult day for global markets. The indicator indices of the US stock markets have fallen by more than 11 percent, and we have witnessed the biggest decrease that the US stock markets have seen in one day. Naturally, this created a shock effect in non-traditional markets. Bitcoin and other digital assets were also affected by this situation, seen as a risky tool by investors, and a collapse occurred.

Bitcoin retreated to $ 4,600 yesterday with the fall of global stock markets, and other crypto assets also fell with this decline. Immediately after this decline, there was a significant buying pressure that enabled Bitcoin to regain its position above $ 5,000.

Whether or not Bitcoin will continue to rise in the short term is largely seen as a direct relationship with whether markets will rise in the coming days and weeks. The first key resistance to leading crypto assets traded at $ 5,246 at the time of writing is currently around $ 5,900.

‘Big Cheds’, one of the popular cryptocurrency analysts on Twitter, stated in his last tweet that the trend could reverse on a 4-hour chart as a result of a break above this level.

$ BTC the #Bitco 4 hour – Though ascending triangles are usually continuation patterns, they can act as reversals as well. We have the * potential * for one here pic.twitter.com/ek6uqgtyop

– Big Cheds (@BigCheds) March 17, 2020

The rising triangle on the 4-hour chart is usually an upward trend, but it can also cause a reverse movement on the contrary. What we need to understand from the chart is the fact that there is a possibility for the upward rise.