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Tuesday, October 26, 2021

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Bitcoin price looks at 50K, will it hit them this week?




Bitcoin has been rising steadily for almost a month now, and its price is now within a few steps of 50K.

At the time of this writing, BTC is trading at $ 45,988.95, accumulating a small loss of 1.14% in the last 24 hours. The week is about to close bullish, thanks to a 4.74% gain.

The period of strong sales is left behind, as more currencies come off the exchanges, putting pressure on supply. To be exact, BTC units keep coming out at a rate of between 75K and 100K per month.

It still seems that there is some distrust on the part of the institutional ones, even though the price has rebounded 56% in a matter of 3 weeks. This is reflected in the negative premium of the GBTC instrument, indicating low demand for it.

Either way, most of the on-chain data, plus price action over the past few days, tells us that the bullish rally should continue.

Quick BaroVirtual Analyst Review.  Source: CryptoQuant.
Quick BaroVirtual Analyst Review. Source: CryptoQuant.

Bitcoin price technical analysis as it approaches 50K

On the daily chart BTC vs USDT we observe a clear and determined bullish inclination, with engulfing candles that eliminate small retracements in a matter of hours.




Today the price of Bitcoin is making a decline, which could well be coming to an end, thus opening the way to a momentum in search of 50K.

At the moment the probabilities are positioned on the side of the buyers, and although a relevant correction could come in the near future, for this to be more likely, we must first see the break of an immediate support (the closest is in the $ 44,400).

Right now the ground for Bitcoin is clear to hit 50K. It wouldn’t be uncommon to see him hit this target early in the week.

Weekly chart

In the time frame with weekly candles, the scenario is even more bullish, because after crossing the resistance at $ 40,000, the medium / long-term trend was resumed, and the ground was cleared until the supply zone left by the maximum. historical.

Of course, it is likely that we will first see some small setback along the way before reaching that area. However, it is not a good idea to sit back and wait for drops at this point.

If the resumption of the trend is effective, going beyond the all-time high will not be a difficult task.

Technical analysis of Bitcoin's weekly chart, as its price approaches 50K.  Source: TradingView.
Technical analysis of Bitcoin’s weekly chart, as its price approaches 50K. Source: TradingView.

All our publications are informative in nature, so in no case should they be followed as investment advice.




TAMMY SEWELL
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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