The Bitcoin bulls were able to drive the # 1 cryptocurrency above $ 50,000. How did it come about – and what’s next?

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$ 60,000 Within reach

Bitcoin investors may have been pleased this morning when looking into the portfolio: for the first time since May, BTC has again managed to rise above $ 50,000. Within a very short time, the bulls brought the coin to new local highs overnight. Currently (time of this article) BTC is trading at $ 50,200, many expect another push up. Even $60k seems tangible now.

But what triggered the momentum? How could the Bitcoin price recover like this? For this, an analyst of the renowned blockchain data provider CryptoQuant.com voiced.

He calls five possible reasons, which could be responsible for moving over $50k. The sounds are as follows:

  • 1. The hash rate has recovered sustainably-this had previously gone into the basement by the Chinese mining ban.
  • 2.So-called “weak hands” have sold Bitcoin at a loss. The Fear and Greed Index shows: investors were in “extreme fear” – no one wanted to buy Bitcoin.
  • 3. Short squeeze on the futures market in the period from July 21 to 26.
  • 4. After that: extensive Bitcoin purchases on centralized crypto exchanges such as Binance.
  • 5. As a final reason, the analyst cites the decreasing selling pressure from BTC miners: this has been declining since May 17.

Here’s how it goes for BTC now

The analyst also provides a short-term Bitcoin forecast: according to it, there is only a new test of the price range between 48,000 and 49,000 dollars. Then Bitcoin (to buy from eToro or Libertex) rises above $ 51,000 again, creating new highs that take it up to $ 57,000.

“Moonrock Capital” managing partner Simon Dedic writes bullish to his more than 124,000 Twitter followers:

“Get ready for this week, I feel like BTC, ETH and altcoins are about to go completely nuts.“

In fact, life is already coming to the altcoins. Cardano (ADA), for example, has risen about 8% in the last 24 hours, currently stands at $ 2.81. Binance Coin also seems to be charging up: BNB is currently trading at $ 498, up 9% over the past 24 hours.

BNB 5-day chart: Strong upward movement within the last 24 hours. Source: Tradingview.com

Chart Experts expect with a burst of coins. The possible cause could be that the crypto exchange Binance is apparently trying to secure investments through state funds at a valuation of $ 200 billion. That report Crypto journalist Colin Wu on Twitter. The next step on Binance’s path to becoming a fully regulated financial institution?