The $50,000 finally recaptured – Bitcoin (BTC)
is breaking back through this symbolic level for the first time, after losing it about 3 months ago. Should we expect a parabolic rise towards $55,000 and above, or a correction that could bring Bitcoin back to lower levels around $45,000?
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PayPal offers the $50,000 to Bitcoin
since it lost that level following its price collapse in May 2021. It has risen as high as $50,506 on Bitfinex today, August 23, 2021. Bitcoin is trading at $49,275 at the time of writing, and is currently recording a daily gain of 1.28%.
From a technical perspective, this rise comes just days after the bulls managed to win the $48,000 battle. Looking at more concrete exogenous factors, the recapture of the $50,000 was notably made possible by PayPal’s August 22, 2021announcement on the extension of its crypto services to the UK. After US residents, it is now the turn of the British to be able to buy Bitcoin,Ether (ETH)
, Litecoin (LTC) and Bitcoin Cash (BCH) via PayPal. The company registers over 2 million monthly active users in the UK where it has the highest penetration in Europe.
Post-$50,000 scenario: between resistance and support zone
Can we now expect an attack on $55,000 in the coming days? Trader Michael van de Poppe shared in a tweet today, a possible scenario as to the future price fluctuation of Bitcoin. According to him, the bulls will face a major resistance line at $51,000.
<img width=”1200″ height=”605″ src=”https://journalducoin-com.exactdn.com/wp-content/uploads/2021/08/mdepoppe.jpg?strip=all&lossy=1&quality=66&ssl=1 1200w, https://journalducoin-com.exactdn.com/wp-content/uploads/2021/08/mdepoppe-324×163.jpg?strip=all&lossy=1&quality=66&ssl=1 324w, https://journalducoin-com.exactdn.com/wp-content/uploads/2021/08/mdepoppe-218×110.jpg?strip=all&lossy=1&quality=66&ssl=1 218w, https://journalducoin-com.exactdn.com/wp-content/uploads/2021/08/mdepoppe.jpg?strip=all&lossy=1&quality=66&w=384&ssl=1,384w, https://journalducoin-com.exactdn.com/wp-content/uploads/2021/08/mdepoppe.jpg?strip=all&lossy=1&quality=66&w=768&ssl=1 768w” alt=”Bitcoin recovers to $50,000, but faces major resistance at $51,000 according to Michael van de Poppe.” />Post by Michaël van de Poppe – Source: Twitter
A rejection could bring Bitcoin back to a support zone in the $45,000 – $48,000 area. A successful test of that support would result in a bounce that would allow Bitcoin to break through $51,000 resistance and subsequently conquer $57,000 and above.
As Bitcoin crossed $50,000 for the first time earlier in 2021, this event confirmed the growing institutional interest in it now. This institutional wave has since gained momentum, as evidenced by Wells Fargo and JP Morgan’s preparations to launch their Bitcoin offerings
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