Can Bitcoin exceed $ 50K after recovering $ 49K in this Market Recovery? By DailyCoin
[ad_1]
After a long five-week sale, the crypto market is starting to recover, with the biggest price jump since ATH in November.
In the last 48 hours, Bitcoin has gained more than 7% as the major markets recover. The rally saw Bitcoin form a base above the $ 46,500 level before reaching a daily high of $ 49,876.32.
Bitcoin (BTC) five-day price chart. Source: Tradingview
After reaching a day-high high of more than $ 49.8 thousand, Bitcoin has settled at around $ 48,700. Now selling for $ 48,691, Bitcoin has a market capitalization of $ 918.9 billion.
Is $ 50K possible?
With Bitcoin trading at around $ 48,750 in support of more than $ 49,200, cryptocurrency is showing a lot of positive signals. In addition, the current price of Bitcoin is 76.4% above the Fib retracement level.
In the short term, Bitcoin is trying to break above the $ 49,600 level before testing the next resistance level at $ 50,000. However, Bitcoin will test $ 50,000 again in the coming hours with a sustained boost.
Conversely, if Bitcoin doesn’t clear the $ 50,000 resistance area, its main support is close to $ 49,000 before looking at the $ 48,500 support. At the moment, a rise is likely for Bitcoin.
On The Flipside
- As Bitcoin recovers, new research suggests crypto centralization as reported 0.01% of bitcoin owners control 27% of the BTC in circulation
Why should you care?
Bitcoin continues to show its ability to recover from major declines, and former Twitter director Jack Dorsey believes the asset will help replace the U.S. dollar in the future.
MAGAZINE WOMAN
Register to get the reverse of the crypto
Upgrade your inbox and receive our DailyCoin editor options 1 time a week directly from your inbox.
[contact-form-7]
You can always unsubscribe with a single click.
Fusion Media or anyone involved with Fusion Media will not be held liable for any loss or damage as a result of relying on the information contained in the data, estimates, charts and buy / sell signals contained in this website. Please be informed that one of the most risky forms of investment possible is the full information on the risks and costs associated with trading in the financial markets.
[ad_2]
Source link
