Bitcoin Price Rally Could Face Resistance At $50,000
Bitcoin is still going strong in its latest rally which began last month despite brief pullbacks. On the back of an impressive three-week run which saw huge gains in the cryptocurrency market at large, Bitcoin continues to rise, reaching a new high point of $48,000 its highest since the crash in late May. Massive gains have been seen in the general cryptocurrency market with altcoins also following the Bitcoin trend and quite a few of them even surpassing the premier cryptocurrency for percentage gains.
Market Analysis
Despite some negative sentiment and brief pullbacks, Bitcoin has held support above $42,000 and seems to be on track to keep maintaining its upwards move with analysts seeing the next major resistance level to be at $50,000. It has continually made gains since it started this current move last month culminating in it reaching slightly above $48,000 on the 14th of August before a sudden drop to the $46,000 region. It did continue moving upwards, reaching above $47,000 again yesterday before dropping again to $46,348 as at the time of this release.
BTC/USDT. Source-TradingView
The charts seem to also be generally positive as of now with the weekly chart showing positive momentum indicators indicating the beginning of a price rally similar to the memorable rally we had last November. The four-hour chart however shows that Bitcoin is currently in the overbought range according to the RSI and we could see a brief pullback although it should still continue its rally afterwards. Since the breakout above $42,000 in early August, Bitcoin has maintained momentum, reaching higher highs over time with indicators showing that investor confidence is high and they are defending the support levels.
Altcoins Also Making Significant Gains
Altcoins are also rallying behind Bitcoin as Ethereum continues its amazing run along with close contender Cardano. Both coins have seen meteoric rises in the ongoing rally nearing doubling in price from their lows last month. As of the time of writing, Ethereum currently trades at $3,220, slightly down from a two-month high of $3,342 which it reached a few days ago. Cardano also currently trades at $2.116 showing significant strength as it continues to rally on the back of the announcement of smart contracts to the platform.
ETH/USDT. Source- TradingView
Dogecoin is one of the biggest winners in the past 24 hours following social media hype and their newly announced partnership with Premier League team Watford as well as recent positive comments by Mark Cuban and Tesla’s head, Elon Musk.
Also positive in Bitcoin news is the newest update by the popular crypto trader and investor Scott Melker, widely known as ‘The Wolf Of All Streets’. He stated that he would not be surprised to see Bitcoin prices reach six figures before the end of the year as well as Ethereum making a push to $10,000 more than triple what it currently stands at. He cited the recent spotlight on cryptocurrency by the American senate as a major push for the cryptocurrency space.
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