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Bitcoin (BTC) bulls break $50,000
Abstract：Bitcoin (BTC/USD) Price Forecast: Boom or Bust for Bitcoin Bulls Above $52,000？
Bitcoin (BTC/USD) Price Forecast: Boom or Bust for Bitcoin Bulls Above $52,000？
BITCOIN (BTC/USD) PRICE UPDATE:
Bitcoin (BTC) bulls break $50,000
US Dollar (USD) recovers after NFP (non-farm-payroll) shock
The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.
BITCOIN (BTC/USD) BULLS TAKE A BREATHER BELOW $52,000
After two consecutive months of gains, Bitcoin (BTC) bulls managed to drive price action above prior resistance at $50,000 until stumbling into the key psychological level of $52,000.
The move comes after the release of the highly anticipated US NFP (non-farm payrolls) report which serves as the key employment metric for the Federal Reserve.
Despite the formation of a spinning-top on Thursday, the discouraging job data dampened expectations for the Federal Reserve to announce plans of tapering back on bond purchases at next FOMC meeting on 22 September despite rising inflation.
Upon release of the report on Friday, USD weakness and a shift in risk sentiment enabled BTC/USD to continue along its recent upward trajectory.
However, as the United States celebrates labor day, a slight recovery in the USD hindered bulls ability to gain traction above the next key psychological resistance level of $52,000.
With global interest rates at near-record lows, inflationary pressures continue to rise while the spread of the delta variant continues to disrupts the recovery process. The fundamental backdrop appeared to be a positive catalyst for the crypto sphere allowing Bitcoin to retest May levels.
Bitcoin (BTC/USD) Price Analysis:
At the time of writing, Bitcoin bulls are currently resting above $51,000 while bears struggle to push prices back below the critical support level of $50,000.
As bulls and bears continue to fight for posession over the systemic, dominant trend, shorter candles suggest that the strength of the rally may be losing steam as it now faces additional resistance from key Fibonacci levels of the 2020-2021 move.
For now, prices remain above the 20-day moving average while a crossover of the MACD (moving average convergence/divergence) above the zro-line suggests that a breakout towards the upside is still probable.
Bitcoin (BTC/USD) Daily Chart
Likewise, the weekly chart below shows price action above the 20-period moving-average with the MACD crossing back above the zero-line, suggestive that the trend remains towards the upside, at least for now.
Bitcoin (BTC/USD) Weekly Chart
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Read more
Bitcoin falls more than 4% to near $60,000
Bitcoin, the world’s biggest and best-known cryptocurrency, fell more than 4% on Tuesday as it extended a decline through a week that also included an upgrade to its blockchain. Bitcoin fell to $60,350 at its lowest for the day, taking losses from a record high of $69,000 struck on Nov. 10 to more than 11%. Ether, the second-biggest cryptocurrency by market value, was down 4.5% at $4,355.4.
Bitcoin Has the Potential to Reach $500,000, Says Anthony Scaramucci
“One Bitcoin will easily trade at $500,000,” Anthony Scaramucci said in an interview with CNBC.
BTC/USD Forecast: Bitcoin Stabilizes Near $65,000
The Bitcoin market has rallied just a bit during the course of the trading session on Thursday to show signs of stability, right around the $65,000 level. This is an area that of course is somewhat important, but when you look at the Ethereum market, it is very likely that the most important attention is paid to the $10,000 level increments. The $5000 level in between each of them is somewhat important, but it is essentially minor support and resistance. It is because of this that I think the trend continues to go higher. After all, this is a simple pullback in what has been a very strong move to higher levels.
US Senator Lummis Reveals Bitcoin Purchase Worth Up to $100,000
Cynthia Lummis, the Republican US Senator from Wyoming, has disclosed she made a Bitcoin (BTC) purchase worth up to $100,000 on August 16. According to the filings made on Thursday, which were unveiled outside of the reporting deadline set by the Stop Trading on Congressional Knowledge (STOCK) Act, the transaction ranged between $50,001 to $100,000.
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