InstaForex

August 23, 2021

Bull Season is getting stronger, Bitcoin is back in the Crypto Market!

 At the market opening this week it seems that Bitcoin (BTC) is starting an excellent momentum in the market.


The performance of most cryptocurrencies shows positive price movements driven by Bitcoin prices remaining with consistent price movements.


Some sentiments have strongly supported the price of Bitcoin until it managed to break the $ 50,000 level.


The August trading session, Bitcoin has produced a 35% jump by hitting the latest consecutive highs.


Interesting if seen on the current movement chart of the BTC/USDT price.


The BTC price movement continues to see a drastic surge in recent times has been the focus of investors.



From a technical point of view, the BTC price movement is seen to be in a bullish state and managed to break the $ 50,000 resistance level which may be the determinant for the BTC to jump higher.


Crypto analysts expect, if the price movement remains with bullish momentum, the resistance zone around $ 51,000 will be tested first before making a higher jump.


An aggressive surge is likely to occur if BTC manages to break the resistance zone and will head to the $ 55,000 resistance level and beyond.


However, if the price movement remains with a bearish pattern, the price movement will retest the RBS zone (resistance become support) around $ 47,000- $ 48,000 before making a decline to a lower level or it is just a retracement.


At the time of writing, BTC/USDT is trading at around $ 50,200 up over 2% in the last 24 hours.