Bitcoin price returns to $50K level after 15 weeks
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Answer Bitcoin price returns to $50K level after 15 weeks
After Bitcoin achieved 5 green weekly candles in a row, the price of Bitcoin finally broke through the $50K barrier during the Asian trading session on Monday morning.
Bitcoin’s big move has brought price levels back to where they were on May 15th.
At press time, Bitcoin is trading at $50,290 according to coinmarketcapBitcoin has gained 2.1% in the last 24 hours.
This move is in addition to the massive price hike that started on June 21.
Since then, bitcoin has gained 66%, or $20,000, to its current levels.
Bitcoin is approaching its all-time high:
At current prices, Bitcoin is now only 22.5% away from its all-time high of $64,800 that was hit on April 14.
Read:A Canadian oil company dedicates its untapped energy to Bitcoin mining…Details here
Bitcoin is now trading above the 200-day moving average and has very little resistance between the current levels and the $57K level.
Expect Lark Davis: Bitcoin has made a 3x potential jump during this cycle, which could put the price of Bitcoin at six digits.
Analyst CrediBULL Crypto advised caution as resistance approaches, adding that this area is the most likely place to see a pullback.
As we approach the key resistance between 52-60K, it is time to exercise caution. While it is possible to break through this area, this area is the most likely place to see a correction if we are to get a correction. Also, funding turned positive for the first time since the 28K low. BTC dollars pic.twitter.com/Po3Rg15hYa
– CrediBULL encryption (CredibleCrypto) August 23, 2021
Last week, the analyst nicknamed “PlanB” updated his popular model which is still on track to reconfirm his prediction that Bitcoin will reach $100,000 before the end of 2021.
He added that the chart indicates that the second phase of this upward trend is imminent.
Read:Bitcoin and Ethereum Head for Best Monthly Close Since 2021… Analysts Warn of Reversal Signs That Should Be Watched!
Altcoins accompanying Bitcoin:
The total market capitalization of all cryptocurrencies increased by 2.14% to reach $2.15 trillion.
This means that altcoins have performed well for bitcoin.
Ethereum is up 3% today at $3,333 and is now only 23% away from its all-time high of $4,357 on May 12.
The third cryptocurrency Cardano by total market capitalization is flying outside the flock as it enters the stage of discovering new peaks.
Read also:
CEO of ‘Bitcoin Shuffle’ Admits He Laundered Over $300 Million in Bitcoin
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