Good news! Bitcoin Shines Back To $ 50,000 - Kakiforex | Forex markets for the smart money. Good news! Bitcoin Shines Back To $ 50,000 Good news! Bitcoin Shines Back To $ 50,000

May 22, 2021

Good news! Bitcoin Shines Back To $ 50,000

 The episode of the red ocean storming the cryptocurrency market which has experienced a fall of more than 50% at the market opening this week is starting to show signs of improvement ahead of the market close this week.

This is because during the decline of Bitcoin (BTC), there are some leading companies such as MicroStrategy taking the opportunity to increase their holdings of Bitcoin. Not to be outdone, the founder of TRON also tweeted on Twitter stating that he had bought Bitcoin for $ 152,818,183 at the time of the fall.

I have bought 4145 #Bitcoin with $ 152,818,183 at average price $ 36,868.

- Justin Sun 🅣🌞 (@justinsuntron) May 19, 2021

As can be seen on the BTC/USDT price movement chart, the ‘mother’ of all cryptocurrencies has started to make an increase again and has managed to jump to the price level above $ 40,000.

The rise in Bitcoin price of 40% from the lowest level recorded also prompted most other cryptocurrencies to also show improvement and give some relief to crypto investors.

If the BTC price movement continues to maintain its uptrend, the price level in the SBR (support become resistance) zone around $ 50,000 will be tested and become the main focus as a sign of a change in trend.

However, if the bearish pattern is maintained, the RBS $ 40,000 - $ 38,000 zone will be retested and will further strengthen expectations for the price to continue the decline and maintain the bearish trend.

As of the price movement this morning around 11.00 am local time, the Bitcoin price is still moving horizontally at the level of around $ 40,000 - $ 41,000.