Bitcoin has managed to soar above $ 50,000 for the first time since May. What’s next for BTC from here?
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Bitcoin bulls must fight
Bitcoin has had a successful weekend: at noon on Friday, the bulls drove the number 1 cryptocurrency from under $ 47,000 to more than $ 49,000. BTC then traded sideways for a few hours, dropping to as low as $ 48,480 at times.
Last night, the bulls tried again to bring Bitcoin over 50.000 dollars-and this time with success. Today in the early hours of the morning, BTC not only touched $50k, it rose to local highs of up to $ 50,350. Currently, Bitcoin is trading slightly lower again at $ 50,130-an increase of 1.9% over the past 24 hours.
The first rise above $ 50,000 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” Commented:
$ BTC over 50k usd
– Adrian K. Zduńczyk (@crypto_birb) August 23, 2021
“Rekt Capital” also welcomes the increase:
Welcome back to $50,000 # BTC $ BTC # Crypto # Bitcoin
— Rekt Capital (@rektcapital) August 23, 2021
But what’s next for BTC from here? Is Bitcoin heading for $ 60,000-or will the decline and renewed sideways trading follow? What do analysts say about Bitcoin’s short-term prospects?
The popular trader “Crypto Tony” (@CryptoTony_ on Twitter) emphasizes: Bitcoin is not yet out of the rough and could well mine again. The cryptocurrency number 1 must prove strength at this point – otherwise the bears will take control again. CryptoTony:
“The high of the range must hold for the bulls because if it is lost then 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.
The range high has to hold for the bulls because if it is lost then we will see the bears take control .. We held the area last night, which was great, but going forward make sure to keep an eye on it pic.twitter.com/g5WBs7jMvy
– Crypto Tony (@CryptoTony__) August 23, 2021
BTC is now particularly vulnerable to correction
Even top traders @CredibleCrypto 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 – and it is precisely this region that is extremely vulnerable to correction. However, the industry observer also believes that a breakthrough over the region is possible. CredibleCrypto:
“As we approach the important resistance between 52-60k, it’s time to be cautious. It is possible that we will break through, but this area is the most likely place for a correction, if there will be one.“
As we approach key resistance between 52-60k, it is time to be cautious. While it’s possible we break through, this region is the MOST LIKELY place to see a correction if we are going to get one. So, funding has flipped positive for the 1st time since our 28k bottom. $ BTC https://t.co/LnBHTT5Fcy pic.twitter.com/Po3Rg15hYa
– Crediblecrypto (@CredibleCrypto) August 23, 2021
Bitcoin is thus once again at a crossroads. Will the bulls now manage to unleash enough momentum to push the # 1 cryptocurrency to its all-time high and beyond? This is loud Coinmarketcap.com at $ 64,863-only 22.66% below the current rate.
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Last updated on August 23, 2021
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