Bitcoin: The Battle for $50K Is On
Where Does Bitcoin Go From Here?
by Bog& Giulvezan
After spending to a higher degree 2 months trapped interior what seemed like a ne'er-end crop, Bitcoin ultimately concentrated the strength to break impermissible, and earlier this week it reached the samara psychological level at $50,000.
Since the high at $50,500, the flagship cryptocurrency has resumed a downward trajectory and is trading at $47,350 at the time of writing, but accor&t to connected-chain grocery store data supplier Santiment, this Wednesday Bitcoin experienced its largest day of substitution inflows since June 19, 2019.
The information provider tweeted: "Bitcoin (BTC) just made history with its largest day of exchange inflow since June 19, 2019. These days are now tied for the largest influx day of all-time, some with 1.68M $BTC artesian to exchanges on these respective days. Expect increased volatility."
According to CryptoQuant CEO Ki-Young Ju, the development exchange inflows fanny generate tercet possible scenarios: "1. Increase selling pressure. 2. Addition volatility as $BTC is utilized Eastern Samoa collateral for derivatives. 3. Alt flavor with BTC pairs."
Normally, the fact that investors place BTC to exchanges is a sign that they are preparing to sell but of row, this should be loving an extra pinch of salt because the only if certainty in the crypto commercialize is that there is atomic number 102 certainty.
Technical Outlook – BTC/USD
The resistance at $50,000 acted as a laser-accurate barrier and swiftly rejected up prices as soon as it was touched. Whenever price is coming a major level, we are dealing with two scenarios – bounce surgery breach – and some factors warned that the previous scenario had many chances of happening:
The Relative Strength Index was already showing pessimistic divergence by making glower highs while price was qualification higher highs and on spinning top of that, it moved the overbought level some times before BTC reached $50K. And considering that $50K is a psychological barrier (big round count) as well A a subject area extraordinary, the rejection doesn't really come as a surprise.
The MACD just disclosed a betray betoken (bearish crossover of its lines), which concerted with the things discussed above, Crataegus laevigata trigger an extended move southwestern. The first lower target (and a possible roadblock) is located at $45,000, which is a official support level because it rejected falling prices just a few years past.
If the bears take the pair to a lower place $45.000, then the 50 years Stirring Average will become the succeeding target. Despite the past weakness, the bias corpse bullish from a sensitive-term perspective, and a intermit of $50K would put the bulls backward in control.
Source: https://www.binaryoptions.net/bitcoin-the-battle-for-50k-is-on/
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