Bitcoin price breaks above $50k as investors eye more gains

2021-8-24 15:14

One analyst is predicting the next resistance could be around $55k, with a possible breakout if BTC price achieves a daily close above $49,170

Bitcoin price has surged above $50,000 in Monday morning deals as bulls target further upside that could see the benchmark cryptocurrency reach the highest daily close since 11 May.

The leading cryptocurrency by market cap has added about 2.2% to its value in the past 24 hours, edging to intraday highs of $50,505 on major US exchange Coinbase. Overall, data on CoinGecko shows the BTC/USD pair has nudged to highs of $50,270 on most major exchanges.

At time of writing, the flagship cryptocurrency is trading around $50,252 on major global exchanges. The current price level means Bitcoin's value has jumped nearly 7% this past week, and over 50% since 23 July.

Today's upward action comes on the back of positive news from online payments giant PayPal, which has announced an expansion of its crypto services. According to the company, users in the UK can now buy, store or transfer top cryptocurrencies directly from their PayPal accounts.

Today, we are announcing the launch of a new service that will enable eligible customers in the UK to buy, hold and sell #Cryptocurrency directly from their PayPal account. Terms apply. pic.twitter.com/RG5xoqlHmr

— PayPal UK (@PayPalUK) August 23, 2021

The service had initially only been available to the firm's US customers, with the expansion set to make it even easier for more people to use Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Bitcoin price outlook 

BTC/USD daily chart. Source: TradingView

The breakout above the $50,000 level for BTC/USD has come following several bounces off support around $43,800. It also sees Bitcoin break out of a range-bound zone at $43,000 to $48,800, the scene of multiple rejections that has punctuated the upside from lows of $29,300 reached on 20 July.

According to one analyst, BTC price is likely to extend to the next resistance zone around $55,000. This outlook is supported by the RSI lodged above 60 and the MACD that remains within the positive zone and is beginning to rise after a bullish crossover.

Now that #Bitcoin has moved past $50,000, the IOMAP shows the next resistance area sits at $55,500 where 780K addresses bought over 346K $BTC.

As long as the $49,170 demand barrier holds, #BTC might be able to advance further. pic.twitter.com/Ce3vQuLXC3

— Ali Martinez (@ali_charts) August 23, 2021

Another analyst has identified the next resistance zone as being in the $52,000 to $60,000 region. While bulls might test the upper ranges, the analyst warns that the region is likely to provide a correction.

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. Also, funding has flipped positive for the 1st time since our 28k bottom. $BTC https://t.co/LnBHTT5Fcy pic.twitter.com/Po3Rg15hYa

— CrediBULL Crypto (@CredibleCrypto) August 23, 2021

Bitcoin price could thus climb towards $55,000 to $60,000, but a potential decline towards $49,395 and $48,054 remain if bulls struggle around $50,500.

The post Bitcoin price breaks above $50k as investors eye more gains appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Behodler (EYE) на Currencies.ru

$ 0.0159063 (+4.58%)
Объем 24H $238
Изменеия 24h: 7.47 %, 7d: -13.84 %
Cегодня L: $0.0159063 - H: $0.0159063
Капитализация $0 Rank 3304
Доступно / Всего 0 EYE

eye gains bitcoin investors price breaks above

eye gains → Результатов: 36


Фото:

Ethereum Could Be on the Cusp of Going Parabolic as Analysts Eye Upside

Ethereum has been closely tracking Bitcoin’s price action as of late, which has primarily led it to enter a prolonged consolidation phase The cryptocurrency’s price action has favored altcoins in recent times, as the stability seen by both ETH and BTC has allowed smaller digital assets to post massive gains Where ETH trends in the near-term will likely depend on Bitcoin, but the resurgence in the DeFi trend could give rise to an Ethereum price […]

2020-11-14 22:00


XRP Posts Classic “Bearish Retest” Pattern as Analysts Eye Lower Lows

XRP has been able to post some notable gains throughout the past couple of days Its recent upswing has even come about as Bitcoin and Ethereum both reel lower as a result of their latest rejections Despite being laggard throughout the early phases of this rally, the embattled crypto is now looking strong Analysts are still cautious about its mid-term outlook, however, as this latest upswing could simply mark a “bearish retest” of the upper boundary […]

2020-8-4 23:00


Ethereum Open Interest Rebounds as Analysts Eye an Explosive Upside Movement

Ethereum has seen some tempered gains overnight, recapturing its position within the $240 region as it shows some signs of technical strength. Today’s climb has largely been the result of that seen by Bitcoin, as ETH has been closely tracking the benchmark cryptocurrency’s price action over the past week. This has caused Ethereum’s open interest...

2020-6-9 02:00


Фото:

It’s Decision Time for Ethereum as Analysts Eye Full Retrace of Uptrend

Ethereum has been hit hard by the recent market-wide downtrend Analysts now expect ETH to surrender all of the gains that it posted over the past couple of weeks Ethereum has been particularly impacted by the crypto market’s recent downturn, with the second largest cryptocurrency erasing the vast majority of the gains that were incurred as the result of its recent uptrend seen last week.

2020-4-22 23:00


FOMO-fueled crypto rally puts a nail in the innovation coffin?

The past decade witnessed huge technological eruptions in the cryptocurrency industry. Bitcoin and its peer altcoins, still in its infancy, posted the most gains throughout the years. The price swings of these digital coins, from a few cents to thousands of dollars in a blink of an eye, attracted many who entered the space purely […] The post FOMO-fueled crypto rally puts a nail in the innovation coffin? appeared first on AMBCrypto.

2019-7-12 00:30


Binance Research: Altcoins record significant gains against BTC; commoners finally catching up to the king?

With Bitcoin [BTC] riding a massive bullish wave, breaking resistance after resistance, you would be forgiven if you turned a blind eye to the performance of the altcoins. The massive BTC price rally shrank the altcoin market to under 40 percent at one point, but now it looks like the king coin may face stiff […] The post Binance Research: Altcoins record significant gains against BTC; commoners finally catching up to the king? appeared first on AMBCrypto.

2019-5-22 16:30


Фото:

Bitcoin Price Hinges On $5.4K As Bulls Eye End-Of-Year Gains

Bitcoin price continued climbing through $5350 May 2 as the second month of the cryptocurrency’s bull market begins. Bitcoin Bull Market Month 2 Begins Data from cryptocurrency exchange Bitstamp, which traditionally delivers Bitcoin price indices on the lower end of the scale, sees BTC/USD at $5365 Thursday, slightly down from an almost weekly high of $5376.

2019-5-2 17:00


Bitcoin (BTC) Holding On To $5,200 Position Firmly, Bulls Now Eye $5,400 With Max Keiser Predicting The Next Rally Will Be Triggered By “State Actors”

After a few days of marginal losses, the market has turned green again. In the last couple of hours, most coins have recorded gains although the numbers for most remains very low. Bitcoin (BTC) is at the time of press up by around 3%, a climb that has seen it find stability above $5,230.

2019-4-17 17:40


Фото:

Bitcoin Price Analysis: Bullish Rejection Wipes Out Bitcoin’s Weekend Gains

Over the weekend, a strong rally was stifled by an even stronger rejection as the bitcoin market was shoved into a band of overhanging resistance. This band of resistance has been mentioned several times in our analyses over the last few weeks as it has proven impossible to overcome for the time being:Figure 1: BTC-USD, Daily Candles, Failed BreakoutThis run to the low $4,000s coincided with a breakout of a rather large symmetrical triangle consolidation shown above.

2019-2-26 02:42