Bitcoin Breaks $50K Resistance Level – Next Stop $100K?
Many crypto bears were spreading FUD in the past few months, thinking that Bitcoin will never break the $32K resistance level, and last of all, the $48K one. They were indeed taken aback by what is currently going around in the crypto scene.
Is Bitcoin Finally Recovering in August 2021?
As you’ve already seen, times are changing, and the crypto markets are moving at an extremely high pace so that nobody could answer this question with 100% precision – you never know what news could come out tomorrow that may have a tremendous impact on the price of Bitcoin.
Bitcoin breaks the $50K mark for the first time since the May crash
In May, we were in a full-on bear market that saw Bitcoin go as low as under $30K. However, things seem to improve in the last few days, seeing Bitcoin testing the $50K mark and many altcoins almost reaching new All-Time Highs.
Source: Tradingview
As you can see in this chart, charts have been only going up since the end of July when BTC managed to break the $40K mark. Yesterday, we saw BTC test the $50K resistance level, and so far, it seems it’s doing quite well in that matter.
We are currently way above the 99-day Moving Average by almost 25%. All the indicators are looking extremely good, and everything points towards entering a new and impressive bullish market.
Is the BTC Bull Run Here to Stay in August 2021?
As you’ve already seen in the charts, which we know you’re always looking at, everything seems to be showing recovery signs. Many traders started believing that BTC might reach the $100K level very soon, with some of the most optimistic ones even predicting $120-140K EOY.
The Chief Market Strategist for Miller Tabak + Co is a true believer in this bull run. He stated:
“This move should be telling us that the worst is behind us for now”. “Unless it reverses the move immediately, it could quickly advance toward $50,000, where it could find some resistance. Still, the action is very bullish on a technical basis,” he said.
It is not clear whether the Washington cryptocurrency bill will pass yet, but they seemingly reached a compromise. “Washington now realizes what a force and how many different people across the United States are very passionate about cryptocurrencies,” said Kristin Smith from Blockchain Association. “The more clarity, the more certainty that the industry has, the better off that we will be in the long run.”
However, as we’ve already mentioned, anything can go wrong at any time, as the markets have previously shown us many, many times. Despite this, the Relative Strength Index is currently showing that BTC is extremely overbought now – and who would’ve thought this is not the case?
Source: Tradingview
How Are Altcoins Performing in August 2021?
We already have gotten used to the fact that, at least for now, most altcoins seem to be moving together with Bitcoin, and this is the case now for sure. Many alternative cryptocurrencies have seen huge spikes over the last 48 hours, some of them even reaching new All-Time Highs.
Here are a few of them:
ADA (Cardano) – 23rd of August shows Cardano reach a new ATH – the opening was at $2.48, closing just short to $3 – around the $2.93 area, now trading at $2.90.
VET (Vechain) has also seen a significant spike these days, testing the $0.15 resistance and trading at around $0.13.
TRON (TRX) is looking great, just like the other alts we’ve mentioned. The chart shows that it’s currently trading at $0.09, a massive increase from the beginning of August when it was fluctuating at around $0.06.
To sum things up, it finally seems like we’re finally recovering from what a few traders were already referring to as “crypto winter”. We believe that the crypto scene has shown again that it is here to stay – in the long run.
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