Bitcoin price closes above major resistance and $55,000 on the horizon
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Answer Bitcoin price closes above major resistance and $55,000 on the horizon
The crypto audience is anticipating the weekly closing of the bitcoin price.
Bitcoin price closed the week above the $50,500 resistance, which made the currency gain more momentum and continue its rally up to $51,800 at the time of writing.
Alternative digital currencies are also present and many of them have managed to achieve new records and peaks.
According to crypto market analyst Lark Davis, the most important thing now is that Bitcoin managed to give a daily close above the $50,750 level.
# bitcoin Just place a daily close above a major resistance area. The volume wasn’t great, but this is a bullish breakout and the highest daily close for Bitcoin since mid-May. pic.twitter.com/I5QJ0faSzY
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– Lark Davis (@TheCryptoLark) September 6, 2021
According to the chart above, we can see that Bitcoin managed to close at $51,770 levels, and this is the first time in nearly four months that Bitcoin has managed to give such an excellent close.
Over the past week, while altcoins have been raging for a while, bitcoin has continued to make steady gains.
Bitcoin has gained close to 8% over the past week amid rising and continuing inflows of Bitcoin from exchanges towards offshore wallets.
According to the “Santiment” report:
The activity of bitcoin’s outflow from exchanges has calmed, following the massive influx of in and out of exchanges between the end of August and early September.
This was the largest 7-day extension of the Bitcoin influx since November 2011.
I see the price of Bitcoin at the $55,000 level:
In the near term, Bitcoin bulls should aim for $52,000 and then $55,000.
The world’s largest cryptocurrency has managed to break past key resistance levels recently.
Based on a supply shock assessment model for bitcoin in the exchanges, analyst Willy Woo notes that bitcoin will reach the $55,000 level in the near term.
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Bitcoin activity is also getting stronger with address activity increasing rapidly.
On the other hand, Bloomberg analyst Mike McGlone predicts that Bitcoin’s path to $100,000 has fewer resistances.
A number of market analysts have set a target of $100,000 for bitcoin by the end of this year.
After sliding below $30,000 in mid-July, Bitcoin managed to gain another 66% from those lows.
It will be interesting to see if Bitcoin is able to surpass its all-time high of $64,000 this month, or if we will have to wait a bit.
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