Bitcoin has finally settled above the $ 50,000 mark and could hit new monthly highs in the hours and days ahead
The cryptocurrency market continued its recovery journey this week, with Bitcoin crossing the $ 50,000 resistance point and hovering above the $ 51,000 mark. Bitcoin rose 6% in the last week and reversed the 0.95% loss the week before.
In last week’s rally, Bitcoin hit the $ 51,000 level over the weekend. The rally came after a bearish start to the week, with BTC dropping below the $ 47,000 mark on Wednesday. However, Bitcoin has managed to move away from its first major support level at $ 46,554 and hit an intra-week high of $ 51,900.
In the coming week, Bitcoin could hit new monthly highs as the broader cryptocurrency market continues its recovery. Market analysts are excited about Bitcoin’s current position, and there is general optimism that another rally could follow.
#Bitcoin over $ 51,000 is great.
– Michaël van de Poppe (@CryptoMichNL) September 6, 2021
Bitcoin price prediction
The BTC / USD 4-hour chart looks very bullish at the moment after Bitcoin’s performance over the weekend. In the hours and days ahead, BTC would have to steer clear of the 23.6% Fib level at $ 50,473 and the pivot level of $ 50,900 to ensure that it is aiming for an uptrend.
BTC / USD 4-hour chart. Source: TradingView
Avoiding these levels could well prepare BTC to hit the next resistance level at $ 53,590. Bitcoin could attempt to target the $ 54,000 mark in the coming hours or days if current market conditions persist. In the event of an extended Bitcoin rally, BTC could test the second major resistance level at $ 55,400 before the week ends.
Bitcoin’s failure to avoid the $ 50,900 pivot could cause the leading cryptocurrency to fall towards the first major support at $ 48,280. Unless the bearish sentiment in the crypto market gets stronger, the second major support level at $ 44,780 should limit any further downward movement.
Bitcoin’s price target for the coming week is $ 54,000. If you want to buy bitcoin, then
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