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Bitcoin sprints to last resistance before $ 50,000

Bitcoin (BTC) sprinted to a multi-month high on late August 20, fueled by a market-wide uptrend.

Bitcoin price chart (Bitstamp). Source: TradingView

Important daily closing for Bitcoin

As shown by data from Cointelegraph Markets Pro and TradingView, BTC / USD climbed to its highest level since mid-May on Friday yesterday.

With a hefty gain, the market-leading crypto currency was able to heave to a daily high of 48,630 US dollars, with the upward trend still continuing at the time of going to press.

The recent upswing also means an attack on the last major selling pressure that kept Bitcoin in check so far in August. If this is overcome, the course has almost free travel above the 50,000 US dollar mark.

“A good end of the day is particularly important now,” said crypto expert Rekt Capital in view of these developments notices.

Accordingly, a good end of the day could ensure that Bitcoin can break out of the wedge formation of the last two weeks, which currently forms the price range for the course.

A look at that Buying and selling interest indeed shows that the selling pressure, which acts as a buffer between Bitcoin and the psychologically important $ 50,000 mark, is easing. A jump over this area would also bring this important hurdle back within reach.

Interest in buying and selling Bitcoin (Binance). Source: Material Indicators / Twitter

Ethereum back to $ 3,000

The mood is accordingly positive, which makes the jump over 50,000 US dollars all the more likely.

As Cointelegraph had reported, the blockchain data support this reading, with many experts currently seeing a similar scenario as at the end of 2020, when the massive record run was about to start.

The Altcoins meanwhile benefit significantly from the slipstream of the market leader. With a whopping 20% ​​gain, Cardano (ADA) clearly made the best figure among the top 10.

Ether (ETH) has now easily caught up with the downturn below 3,000 US dollars a week, as the second largest cryptocurrency recently stood at just under 3,300 US dollars.

“At the higher low of the last week there is phenomenal buying interest for ETH”, as Rekt Capital points out describes. And further:

“ETH has climbed back on the resistance where it failed at the beginning of the week.”

Ether stock chart (Bitstamp). Source: TradingView

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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