InstaForex

August 23, 2021

Market Go Green - Will BTC Rocket To $ 50,000?

 The price of Bitcoin (BTC) has jumped from a daily low of $ 44,161 to hit a new daily high of $ 48,346.24, which is a price increase of more than $ 4,000 in 24 hours. The cryptocurrency managed to bounce back from the key support level of $ 43,935 and is now above the 3 -month high price level of above $ 48,000.


Bitcoin should prove to be able to survive above the $ 48,000 resistance level to reach the $ 50,000 price level. BTC has so far strengthened almost 63% from its lowest level in July and needs to pass some resistance levels to retest the all -time high price level (ATH) of $ 64,000.


The crypto market is now out of a 3 -day bearish trap with the crypto market above 3% from its July lows. Along with the rising price of Bitcoin, other crypto assets are also following suit. Cardano (ADA) became the best performing alternative crypto asset after Solana by reaching a new ATH above $ 2.50 and more other crypto assets are testing resistance levels.



The surge in Bitcoin prices was driven by the announcements of financial giants BlackRock and Wells Fargo. BlackRock, the world's largest asset manager, revealed that it has $ 382 million in crypto mining shares. On the other hand, Wells Fargo registers the Bitcoin Personal Fund.


Santiment’s data initially showed that public sentiment turned bearish as it looked ‘bearish’ for three days and many expected the price to drop further. But the latest announcement has managed to change sentiment.


BTC needs to break the $ 50,000 resistance level first and then the $ 51,000 level.