Archived Article This article was published more than 5 months ago. The market data, prices, forecasts, and analysis were accurate at the time of publication but may have changed since then. Please use this article for historical reference only and refer to our latest content for current market information.
- Bitcoin price has reached the crucial level of $50,000 for the first time since mid-May. It will likely ease around that zone in the near term.
Bitcoin price has surpassed the crucial level of $50,000 for the first time since mid-May. Notably, the cryptocurrency was on a downtrend for the better part of the year’s second quarter. After dropping from its all-time high (ATH) of close to $65,000 in mid-April, it declined to below $30,000 in late June to trade at a four-month low of $28,863.
Since mid-May, Bitcoin price has largely been trading between the psychological levels of $30,000 and $40,000. At the beginning of August, it broke the resistance at $40,000 and has since been trading steadily above that level.
According to CoinMarketCap, the leading cryptocurrency has had its market capitalization rise by 2.59% to $946.41 billion. However, its trading volume over the past 24 hours is down by 16.53% at $29.91 billion.
Bitcoin price technical outlook
BTC/USD has eased after hitting the psychological level of $50,000 earlier on Monday. At the time of writing, the crypto was up by 2.01% at 50,275.01. Notably, it is the first time that it has reached this crucial level since mid-May.
After dropping below the crucial support zone of 30,000 in late-July, it has since surged by about 72.09%. Nonetheless, it remains 22.33% lower than its record-high. On a two-hour chart, it is trading above the 25 and 50-day EMAs with an RSI of 69.
In the near term, I expect Bitcoin price to remain within the resistance zone of 50,000. The expected pullback may have it decline to along the 25-day EMA at 49,034.50 before rebounding. On the upside, it may rise to the prior resistance level of 51.697.52 before returning to the 50,000 zone. A move below the 50-day EMA at 48,324.81 will invalidate this thesis.
