Bulls inflated – Bitcoin (BTC)
has a good chance of finally breaking major resistance at $51,000, an event that would signal the start of a new bullish wave. The bulls are drawing some of their energy from the ongoing economic crisis around the world and especially in the US.
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Harmonious RSIs for $60,000
Bitcoin is flirting with $51,000 today, September 3, 2021. It climbs to the $50,928s on Bitfinex before recording a slight decline. Bitcoin is trading at $50,157 at the time of writing, and is currently recording a daily profit of 1.2%.
Trader Michael van de Poppe is watching for a breakout of $51,000, noting in his video
today that such an event would likely be followed by a push towards $60,000:
“By the time Bitcoin breaks out of this $51,000 level, there’s a good chance we’ll get a vertical candle towards $58,000 or even $60,000.”
Video by Michaël van de Poppe – Source: YouTube From
a technical point of view, Bitcoin seems to have every chance of breaking through this major resistance of $51,000 from now on, with daily, monthly and weekly RSI(14) all bullish and standing at 63, 61, and 68 respectively
Bitcoin and the Jobs Crisis
rise comes after the U.S. Bureau of Labor Statistics revealed disappointing employment data, with only 235,000 non-farm jobs created in August 2021, compared to the expected 733,000 positions
. <img width=”411″ height=”395″ src=”//www.w3.org/2000/svg’%20viewBox=’0%200%20411%20395’%3E%3C/svg%3E” alt=’US job creation data for August 2021 disappointing. FED expected to maintain QE policy, good news for Bitcoin at the expense of the dollar.” /><img width=”411″ height=”395″ src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/holger..jpg” alt=’US job creation data for August 2021 is disappointing. FED expected to maintain QE policy, good news for Bitcoin at the expense of the dollar.” />Posted by Holger Zschaepitz – Source: <a href=”https://twitter.com/Schuldensuehner/status/1433772221265231876″ target=”_blank” rel=”noopener”>Twitter</a> <p>These numbers indicate that the US Federal Reserve (FED) is unlikely to cut back on its support program.sive to the economy. A tapering or winding down of the FED’s quantitative easing policy is not likely to happen anytime soon. The dollar thus remains under strong inflationary pressure in favor of hedge assets like gold or Bitcoin.
Senior market analyst at Oanda, Edward Moya, had predicted a Bitcoin at $52,500 in the absence of a taper tantrum. Could his prediction finally be about to come true with a few days to spare? The spread of the delta variant with its ravages on sectors of the economy such as the sector and the restaurant business, should keep the pressure on the FED and the greenback for quite some time to come, and give Bitcoin the momentum it needs for possible new all-time highs by the end of 2021.
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