Bitcoin'south (BTC) cost has been consistently rallying in the past few weeks, reaching its latest new high of around $57,500 on Feb. xx.

The week has seen more bullish news such as the first German language-listed company allocating its cash reserves to BTC besides as the launch of the first Bitcoin ETF in Canada, which traded over $220 meg in its debut.

Such news is fueling the price of Bitcoin, while Elon Musk has also embraced the latest "laser eye" meme to the joy of hodlers who are itching for a $100,000 BTC price. However, the next major point of interest is at around $63,000, and this could be reached relatively soon if Bitcoin tin can hold in a higher place a few primal support levels.

Bitcoin continues rally by property critical levels

XBT/USD 4-hr chart. Source: TradingView

The four-hour chart for Bitcoin shows a clear up path since it broke out of the range construction between $30,000 and $42,000. Since then, crucial levels at $44,000 and $50,000 held as support, which served as the launchpad for the current highs above $55,000.

This run is also beingness driven by the decreasing reserves on exchanges. This is very like to the end of 2016 when more Bitcoin was withdrawn from exchanges than deposited. These withdrawals hateful that people desire to hold their Bitcoin for the long term, indicating strong demand and depression fourth dimension preference.

During the recent rally, the start Fibonacci level at ane.618 was reached. Now, Bitcoin is nearing the second point of involvement at the two.618 Fibonacci level around $63,000.

On the downside, the $50,000 level is crucial on the 4-hour chart. If that sustains support, there'due south a high chance Bitcoin'south price will reach that level next. Still, if it loses $50,000, more than downside to $43,000 can be expected.

Total crypto market cap reaches $1.7 trillion

Total market capitalization cryptocurrency 1-week chart. Source: TradingView

Meanwhile, the total cryptocurrency market place capitalization is approaching the $2-trillion marker in this cycle, which many people wouldn't have expected final twelvemonth.

However, after breaking the all-time high of 2017, the side by side level of involvement was the $1.2-trillion level, which is also the i.618 Fibonacci area.

That zone was broken to the upside, and the market cap is at present aiming for $1.85 trillion, the 2.618 Fibonacci level. The chart also shows a massive gap between the 21-Calendar week MA and the current price, suggesting that the rally might be getting overextended.

Historically, the end of February and the month of March have not been bullish for the market place, so a correction should not come equally a surprise. In that case, a retest of $1.ii trillion is definitely on the table.

Crucial levels to picket for BTC price

XBT/USD 4-hour chart. Source: TradingView

In trading, information technology's all about belongings disquisitional support levels for further upward or downward momentum. In this case, the first key levels are found between $43,000 and 44,000 and the second one at $fifty,000.

The same, however, can also now be said well-nigh the $55,000 level on low timeframes, specifically the 1-hour candle nautical chart. If that'due south lost, there'south a gap to the next area of support, which ways that a breakdown to the $50,000 level can so be expected.

Nevertheless, as long equally $55,000 is held, in that location isn't much that is holding Bitcoin'due south toll from reaching the next Fibonacci level at $63,000.

The views and opinions expressed hither are solely those of the writer and practise not necessarily reflect the views of Cointelegraph. Every investment and trading move involves hazard. Y'all should deport your own enquiry when making a determination.