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Bitcoin rises above $ 50,000! Short trip or $ 60k next destination?




Bitcoin has managed to surpass $ 50,000 for the first time since May. What’s next for BTC from here?

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Bitcoin bulls have to fight

Bitcoin has had a successful weekend: on Friday at noon, the cops drove the number 1 cryptocurrency from under $ 47,000 to more than $ 49,000. BTC then traded sideways for a few hours, temporarily falling to $ 48,480.

Then last night the cops tried again to get Bitcoin over $ 50,000 – and this time with success. In the early hours of the morning today, BTC not only touched $ 50k, it soared to local highs of up to $ 50,350. Bitcoin is currently trading slightly below that at $ 50,130 – an increase of 1.9% within the last 24 hours.

Bitcoin’s 5-day chart shows the efforts of the BTC bulls. Source: Tradingview.com

The first increase over 50,000 dollars since May has of course sent the crypto community into euphoria: Finally, a first milestone has been reached on the way to the old all-time high.

Trader “Crypto Birb” comments:

“Rekt Capital” also welcomes the increase:

But what’s the next step for BTC from here? Does Bitcoin rise to $ 60,000 – or does the decline and renewed sideways trading follow? What are analysts saying about Bitcoin’s near-term outlook?

The popular trader “Crypto Tony” (@CryptoTony_ on Twitter) emphasizes: Bitcoin is not yet out of the woods and could well be reduced again. The number 1 cryptocurrency has to prove its strength at this point – otherwise the bears will take control again. CryptoTony:

“The high of the range has to hold for the bulls because if it’s lost we will see the bears take control.”

The fact that the area held last night was “great” – but you have to keep an eye on it now.

BTC is now particularly vulnerable to a correction

Top trader @CredibleCrypto also advises caution. He writes to his more than 227,000 followers: Bitcoin is now moving towards its key resistance between 52,000 and 60,000 dollars – and precisely this region is extremely susceptible to a correction. However, the industry observer also considers a breakthrough across the region to be possible. CredibleCrypto:

“As we near the all-important resistance between 52-60k, it is time to be careful. While it is possible that we could break through, this area is the most likely place for a correction, if there is one. “

Bitcoin is once again at a crossroads. Will the bulls now manage to develop enough momentum to push the number 1 cryptocurrency to an all-time high and beyond? According to Coinmarketcap.com, that’s $ 64,863 – just 22.66% below the current rate.

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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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