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Bitcoin back over $ 50,000

Bitcoin (BTC) regained the psychologically important $ 50,000 mark on Thursday, which is a heavy blow for the bears.

Bitcoin price chart (Bitstamp). Source: TradingView

Bitcoin with new strength

As the data from Cointelegraph Markets Pro and TradingView show, BTC / USD climbed back above $ 50,000 on September 2nd for the first time since August 23rd.

In the last few hours, the market-leading cryptocurrency was able to break out of the price range in which it had been trapped for the past few weeks. An intermittent high of $ 50,300 was recorded on Bitstamp.

As Cointelegraph reported, the $ 51,000 mark is the next big hurdle to crack in order to push the previous record run again.

For this reason, things are getting more intense here resistance on, which is why the crypto experts are initially waiting to see whether the upward surge is sufficient to also overcome this hurdle.

Buy and sell positions for Bitcoin (Binance). Source: Material Indicators / Twitter

“Bitcoin is facing the last obstacle to reach the 57,000 US dollar mark,” as Cointelegraph expert Michaël van de Poppe said in this context explained.

“Hello US $ 50,000 mark”, as his colleague Rekt Capital said about the meanwhile Goodbye is happy.

For the bears, traders with short positions, the upswing in the last 24 hours has resulted in losses of almost $ 500 million.

Bitcoin liquidations. Source: Bybt

Weak September?

As reported, however, September is considered a “weak month”, in which an increase of 6% for Bitcoin was the highest of emotions so far.

The various forecast models take this into account, which is why even the optimistic stock-to-flow (S2F) model predicts “only” a monthly closing of 43,000 US dollars.

Nonetheless, inventor PlanB remains confident that September will hit a new record high of 68,000 US dollars. For August, the model had already forecast an appropriate $ 47,000.

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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