Bitcoin on September 6, 2021

A brief moment above $52,000Bitcoin (BTC)

breaks through this level for a few minutes. Bulls won’t go any further, fervently defending $51,000 for now.

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A head above $52,000: bulls resist CFA pressure

Bitcoin makes a foray above $52,000 today, September 6, 2021, rising to $52,002 on Bitfinex. It is trading at $51,906 at the time of writing, currently recording a daily gain of 2.14%.

Bitcoin recorded a drop of around $700 in just over 2 hours on the day, bringing its price down from $51,958 to $51,238 before rebounding.

The drop comes after Charles Randell, chairman of the Financial conduct authority, announced that the UK’s financial watchdog will not license crypto companies that are unable to provide key information about the basis of their work, such as key business functions, in order to protect investors.

Key supports and (finally) golden cross for a 6-digit Bitcoin?

Bitcoin recorded a “strong weekly close” above $51,000 as noted by trader Rekt Capital. According to him, a move down to the $50,000 – $51,000 area would be a test of previous resistances and an attempt to turn them into supports.

Les taureaux pourraient tester les 50 000 $ - 51 000 $, tentant de transformer cette zone en support.Les taureaux pourraient tester les 50 000 $ - 51 000 $, tentant de transformer cette zone en support.Rekt Capital’s publication – Source: Twitter

Trader Michaël van de Poppe, meanwhile, defined $47,000 as “the last low” to be defended in order to “avoid any breakout.”

Video of Michaël van de Poppe – Source: YouTube

While the bulls are managing to defend $51,000 for the moment, are the markets showing bullish signals for the short, medium and long term? Omkar Godbole, a journalist at CoinDesk, predicts a golden cross in the proch

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ains days, with the 50-day moving average – the short term – about to cross above the 200-day moving average – the long term. The last similar golden cross took place in May 2020. The event had seen Bitcoin rise from the $9,000s to over $60,000 in the 11 months since.

Bitcoin’s price continues to be pushed up by individuals embracing it, but also by more and more institutional investors opening their portfolios to it, such as this investment firm that decided to gain exposure to Bitcoin while it historically invests in gold.

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