BitcoinPrice Analysis

Is Bitcoin in Consolidation Phase ? When will BTC Price Break the $50k Mark?

Written by: Anjali Belgaumkar

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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Aug 17, 2021

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Bitcoin’s value is continuing to rise, with its market share reaching a new high of 44.65% this morning. If the $48,000 sell wall breaks, a short squeeze could propel BTC/USD much past $50,000.

On Tuesday, BTC/USD was spotted attempting to exit the $46,000 level after falling earlier in the week.

Despite the crypto business losing a change to crypto tax reporting standards in a US infrastructure bill, its value has continued to climb.The ability of Bitcoin and other digital currencies to rise despite new federal laws demonstrates the market’s resilience. 

Bitcoin just reached a local high of $48,200, but the long-term resistance region rejected it. In the daily time period, the current pattern definitely signals a return of the uptrend. 

Bitcoin has been trading in a narrow trading corridor between $45,000 and $48,000 as it tries to break through the last barrier before $50,000. 

Despite the lack of an impulse move thus far, Rekt Capital believed that Bitcoin’s rise has plenty of juice remaining.

The present upsurge is waning, according to technical indicators. The 70-line has rejected the RSI, and it is now going downwards. Near $46,200 is an initial support level on the downside.

The next level of support is at $45,500, below which the price may test $45,000.If this occurs, the negative trend could next focus on two key areas: $42,600 and $37,300. 

There is also a positive outlook for the issue. 

The value of Bitcoin (BTC) has continued to grow. The $50,000 level is then the move’s aim. After a rocky patch earlier this summer, the crypto market is still plagued by fear, uncertainty, and mistrust.

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Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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