Bitcoin Trader Predicts Resistance and Accumulation Zones

Resistance Level at $58,000

A respected trader known as DonAlt believes Bitcoin (BTC) is approaching a crucial resistance level at $58,000. He anticipates a pullback if BTC reaches this point.

“If we get there, I think it would be for a wick mostly,” DonAlt said. “I think that would be the top for a while… I think it’s the most obvious spot to sell.”

Accumulation Zone in the $30,000s

DonAlt also identified a potential accumulation zone for BTC in the low to mid $30,000s. He considers this a “brain-dead buy” opportunity.

“The only thing that I’m very certain about that it’s going to be a good buy is weekly and monthly support, which is $32,000 to $35,000,” DonAlt explained. “If they do hit, that’s the kind of buy that you just hold and you’re guessing that’s going to be the bottom.”

Current Bitcoin Price

At the time of writing, Bitcoin is trading at $51,665, showing a slight decline over the past day.