Monday, July 26, 2021

Is Bitcoin price about to hit $50K?

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Bitcoin’s (BTC) worth broke via the essential degree at $40,500 as information of Tesla including $1.5 billion in Bitcoin to their steadiness sheet. This information occasion pushed the price to new all-time highs, placing the subsequent main resistance degree at $50,000. 

What’s extra, different cryptocurrencies are accelerating left and proper because the panorama is good for altcoins to start out shifting. All-time highs are being established each day throughout many altcoins whereas Bitcoin is consolidating. However how lengthy will this consolidation final? Let’s check out the charts. 

Bitcoin worth breaks key resistance on Tesla information

XBT/USD 4-hour chart. Supply: TradingView

The 4-hour chart exhibits an obvious breakthrough of the $40,500, which was essential for extra upside because the Tesla information resulted within the greatest each day inexperienced candle ever for Bitcoin. 

Because the chart exhibits, the subsequent degree of curiosity is the psychological barrier round $50,000. It’s additionally the subsequent main Fibonacci degree. The 1.618 Fibonacci degree is usually used as a vital indicator to foretell ranges in worth discovery.

BTC/USD 4-hour chart. Supply: TradingView

One other necessary degree to look at for Bitcoin is the order block around the $43,300-$43,700 area. Continuation to the upside is probably going so long as that space holds. 

Nonetheless, a pointy drop is prone to occur if Bitcoin’s worth can’t maintain this degree. Falling via the $43,300-$43,700 space would generate a cascade of cease/loss triggers as the value of Bitcoin drops again within the vary it acted in for a number of weeks. The following degree of assist may be discovered between $37,800-$38,500 if $43,300 fails to carry.