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Bitcoin Approaches $50,000 After Breaking Resistance of $48,000

coinquora.com 05 October 2021 08:35, UTC
Reading time: ~2 m

  • Bitcoin’s price just broke past $48,000 on Monday.
  • It is nearing the key $50,000 level.

Bitcoin’s price just broke past $48,000 on Monday, nearing the key $50,000 level as it continues to rise out of a multi-month period of weakness.

The largest crypto by market cap started an improvement above the $48,000 resistance level and settled above the $49,000 degree. Currently, BTC is trading at $49,435.40 with a market cap of $931 billion. The price movement also benefits other cryptos as some even hit new all-time highs.

As BTC is trading around $49,000, it means this rally is overcoming a confluence of technical barriers, including a September low of about $40,000. As a result, some crypto experts and investors reacted to this price surge. This is the case of Lark Davis, a crypto analyst, and investor who also tweeted about the price movement.

In addition, Lark Davis said,

Bitcoin broke resistance at $48,400, now pushing towards the next barriers at 50 and 51. If we can close a daily candle, preferably weekly above 51k then it represents a break of the wider downtrend. New highs in this scenario will be close.

In the tweet, the crypto analyst — Lark Davis, noted that the next level for Bitcoin is at $51,000. Thus, if it breaks past this level, it will confirm the uptrend and the beginning of the next bull run.

Note that Bitcoin has recovered after trading around $30,000 to $40,000 after it dropped from a record near $65,000 in mid-April. Still, it’s up in the past few months amid institutional and countries adoption.

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