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HomeNewsBTC / USD bounces at $ 48,000 by Investing.com

BTC / USD bounces at $ 48,000 by Investing.com




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Performance overview: BTC, ETH, ADA, XRP, Polkadot

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Investing.com – There has been a lot going on in the crypto market over the past week, especially for the bulls. Finally, it ended its three-day course correction from Tuesday to Thursday with a bang, when it rose above $ 3,400 to $ 47,834 on Friday, its highest level since mid-May. And on Saturday the cop party continued. For a short time, the most important crypto currency in terms of market capitalization even stood at over $ 48,000 per BTC token. But then the mood changed. In a matter of hours, Bitcoin plunged nearly $ 2,000 before the 5-day line halted at $ 45,969. Then a small countermovement set in, so that the Bitcoin price is currently quoted at 46,479 dollars – an increase of 7.53 percent over the last seven trading days.

Bitcoin does not come close to the performance of (more, and) and (more, and), which have gained a good 46 percent in value over the same period. The same applies to and, which with +4.5 percent and +4.0 percent together with BTC form the bottom of the performance table among the most important crypto currencies.

Bitcoin is currently moving in highly critical chart territory, which consists of the upper Bollinger Band and the neckline of a large shoulder-head-shoulder formation, which was undershot in mid-May. To negate the risk of a deeper setback, Bitcoin must not slide below the support cluster from the 5-, 10- and 200-day lines, nor below the bottom of the neckline in the $ 46,100 to $ 44,806 range.

From the point of view of chart technology, however, darker clouds would only appear on the chart horizon if BTC / USD breaks sustainably below the former breakout level at 42,375 dollars, a level that is additionally reinforced by the Bollinger smoothing of the last 20 days.




If, on the other hand, Bitcoin manages to overcome the resistance zone at $ 48,000 to $ 49,086, there is a chance of a rally to the $ 50,000 mark, which can then serve as a springboard for higher prices in the direction of $ 51,555 and then $ 53,777.

A notice: This article constitutes neither investment advice nor a solicitation to buy or sell any assets. The article also does not purport to predict the development of the Bitcoin price. It is only a subsequent comment on the BTC development, which is intended to inform Bitcoin investors about the latest crypto news and the technical starting position of BTC / USD.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
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