Can one expect a deep correction of Bitcoin (BTC) after reaching $50,000?
Bulls keep dominating on the cryptocurrency market; however, there are some exceptions to the rule. Mainly, XRP is the top loser today, falling by 4.40%.
Top 10 coins by CoinMarketCap
Meanwhile, the market capitalization index remains in the same place and is now $1.5 trillion.
Cryptocurrency market capitalization
The relevant data for Bitcoin is looking the following way:
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Name: Bitcoin.
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Ticker: BTC.
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Market Cap: $920,609,862,676..
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Price: $49,484.95.
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Volume (24h): $78,277,351,887.
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Change (24h): 3.93%.
The data is relevant at press time.
BTC/USD: Can bulls fix above $50,000 at once?
Sellers pierced the average price level yesterday morning, but the two-hour EMA55 managed to keep the pair from falling further. The Bitcoin (BTC) price bounced off the support of $46,000 and recovered to the $48,700 area by the end of the day.
BTC/USD chart by TradingView
During the night the trading volumes decreased and the price consolidated around the $48,000 mark. Bulls have already broken the psychological level of $50,000. A new price record can be set at $51,000.
BTC/USD chart by TradingView
On the 4H chart, Bitcoin (BTC) can retest the liquidity zone around $47,000 to gain more power for a future rise. However, in case the main crypto closes below $47,000, the long-term scenario will not become relevant.
BTC/USD chart by TradingView
On the longer time frame, the rising channel has not been broken, which means that Bitcoin (BTC) still has potential for future growth.
Thus, there has been no huge amount of trading volume today, which means that most traders have not closed their long positions yet. In this case, one might expect BTC at around $56,000 by the end of the month.
Bitcoin is trading at $49,100 at press time.
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Author
Denys Serhiichuk
U.Today
With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis.
