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Saturday, October 16, 2021

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Bitcoin Fighting Last Resistance Before $ 50,000, Daily BTC Close Now Crucial

Bitcoin (BTC) price rose to new highs in several months this August 20, since a prolonged bounce gripped the cryptocurrency market.

Daily candlestick chart for the BTC / USD pair (Bitstamp). Source: TradingView

“Most Important” Daily Close for Bitcoin

Data from Cointelegraph Markets Pro and TradingView confirmed that The BTC / USD pair reached its highest level since mid-May during this Friday.

After making daily profit of almost 7%, Bitcoin saw a sudden surge to hit $ 48,630 on Bitstamp at the time of this writing, with bullish momentum still in action.

The move meant the biggest cryptocurrency took its best hit yet on a large sales wall that had been in place for much of August. Beyond that, there is little chance of increasing beyond $ 50,000, Cointelegraph reported.

“The daily close is the most important thing now,” said trader and analyst Rekt Capital. as part of the comments on the last price action.

He added that the daily close would also determine the breakout of an ascending wedge construction that has characterized Bitcoin for the past two weeks.

A look at the buy and sell levels on the main exchange Binance, revealed the diminishing power of the sales wall, which was previously much denser and provided a firm barrier between the stock price and $ 50,000.

BTC / USD (Binance) buy and sell levels as of August 20. Source: Material Indicators / Twitter

Ethereum sees “phenomenal” buying activity

Meanwhile, it was difficult to find bearish sentiment this Friday, as sentiment strongly favored a recovery from the $ 50,000 mark.

As Cointelegraph reported, on-chain fundamentals and metrics favor Bitcoin’s continuation to the upside, with many echoing the scenario in late 2020, just before the most important phase of the current bull run takes hold.

Altcoins also benefited from positivity, Cardano (ADA) still tops the top ten with 20% daily gains.

Ether (ETH), which it was trading below $ 3,000 earlier in the week, made up for lost ground, with a target of $ 3,300 at the time of writing.

“Phenomenal buying pressure on the USD / ETH pair”, he pointed Rekt Capital.

“ETH has returned to the same resistance from which it was rejected earlier this week.”

ETH / USD (Bitstamp) daily candlestick chart. Source: TradingView

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Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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