Bitcoin ($BTC) Breaches $50K For First Time Since September 7, Here’s Why $55K is not Far

Bitcoin’s ($BTC) price breached $50,000 for the first time since September 7 marking the bullish start to “Uptober.” The top cryptocurrency rose by nearly 6% over the past 24-hours to break out of the four-week-long consolidation phase under $50K. September repeated history with a bearish month where the top cryptocurrency along with the rest of the market lost more than 20% of its valuation since the start of the month.

Source: TradingView

While $BTC price consolidated under $50K, the on-chain analysis indicated a strong bullish momentum. Market analyst Rekt Capital pointed that $BTC has continued to remain above the 21-Day EMA indicating bullish momentum. Thus as predicted October has started on a bullish note which might continue for the rest of this year.

The price rise was also anticipated as the Bitcoin supply on centralized exchanges fell to a new 30-month low which has brought down the chances of another sell-off significantly. Market pundits believe bitcoin could still touch $100K by the end of this year if any major sell-offs don’t ruin the bull run.

Source: Santiment

Bitcoin Eyes $55K

Bitcoin is currently trying to solidify its position above $50K and make it strong support before launching off the next key price barrier of $55,000. The last quarter could prove to be crucial for $BTC as the traditional markets brace for high inflation and downturn in the real-estate sector that could be triggered by China’s Evergrande failure.

Bitcoin could eye $52K-$59,5K support on-chain support zone with the next push and certainly reach $55K in no time. A breach above $55K could help the top cryptocurrency eye and restest its previous ATH above $64K. With its current move above $50K BTC market cap has reached over $900 billion higher than that of Facebook, which made it a butt of many jokes due to the recent shutdown of the Facebook network.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button