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Top Reasons, Why Bitcoin Price Rally Halts at $50,000?

Highlights

    Bitcoin bulls appear to have to experience tough competition with the bear’s league as the price crashes each time it reaches $50K

    Many speculate the asset follows a particular pattern of a notable dip before a steep jump.

    Gold may have entered the battle by offering ‘buy at the dip’ moment, hence a tough fight to bitcoin

Bitcoin Price Swings in Between Bulls and Bears!

The Bitcoin price rally in the previous trading day had rejected strong support indicating a rally to $56k is imminent. However, as the price hit the upper resistance levels above $52,700, the bears slash the price to the current levels.

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As the bulls have already accumulated many assets from the weak hands in the recent dips, it appeared the market was in much control of the bulls. However, the extraction of the profits continued each time the price smashed above $50K.

The BTC price gets rejected multiple times around $50,000 or slightly above the levels. However, most of the crypto enthusiasts still believe this might be a part of a slight correction before a massive jump to the next level.

According to a crypto trader nd analysts, Galaxy, the price may hit $100K by this summer and the current phase is the best buying opportunity for Bitcoin.

Tough Fight From Gold!

Gold is one of the safe-haven assets since the very old days, as it’s price nullifies extreme volatility as noticed with BTC price. However, considering the returns and profits, then Gold is nowhere in competition with Bitcoin.

The gold price in recent times is experiencing a downtrend and interestingly, Bitcoin price is on a bull run during the same time. Now when the BTC price is facing a plunge, the gold price appears to have bounced back, recovering losses.

bitcoin vs gold

The Bitcoin price surged whenever the Gold price plunged, and vice versa. At one phase, both consolidated for a while before continuing the same trend. Any dips, however, is a buy moment of the asset and hence the same may be considered for gold. 

On the contrary, some traders believe, the ‘buy at the dip’ for gold and bitcoin may be similar yet the returns differ as mentioned by a trader, THE MOON. Collectively, the Bitcoin price rally despite a pullback may bounce back any time from now. A zone with multiple rejections turns out to be strong support zones. Therefore breaking the barriers at $52K may end up BTC price rally to smash new ATH very soon.

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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