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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Here’s The Biggest Hindrance To Bitcoin Touching Above $50,000

Best Owie
Best Owie
1 year ago
2 mins read
bitcoin

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Created by industry experts and meticulously reviewed
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Bitcoin had successfully flipped the $47,000 level this week. A welcome change after the digital asset had spent a long stretch of time plagued by low momentum. It officially signaled a break out of the consolidation of the past two-and-a-half months. Now the real work begins as bears have begun mounting significant resistance to keep the cryptocurrency from breaking above $50,000.

The Point To Beat

Although Bitcoin continues to hold above $47,000, there is still a lot of opposition to the digital asset in this region. $47,500 remains a technical level that has shown itself throughout various rallies in history. This time around, bears are camping at this technical level, making it a significant resistance to point to beat. Otherwise, the goal of $50,000 will remain unrealized.

Related Reading | Small Cap Altcoins Beat Bitcoin And Other Crypto Assets 10 To 1, But Why?

If the digital asset is able to successfully beat this point and form support above it, then there will be not much opposition in the race to $50,000 as the next important point will lie above this level. A push past $50,000 would set the cryptocurrency on another path towards $53,000. This time around, solidifying BTC’s campaign towards a new all-time high.

BTC price chart

$47,500 is now the point to beat | Source: Arcane Research

Nevertheless, Bitcoin has been unable to break through as its single attempt to do so has been met with resistance that has beaten it back down towards the low $47,000s. BTC continues to hold strong at this point though.

Bitcoin Holding Up Well

Even though bitcoin had taken a beat-down after testing the $47,500 resistance point, it has quickly found its footing. One important thing to note is where the digital asset looks to have formed an important support level.

Bitcoin price chart from TradingView.com

BTC fails to beat $47,500 resistance level | Source: BTCUSD on TradingView.com

Arcane Research notes that BTC looks to have flipped $45,000, which was the resistance to beat in the early innings of the rally, into a support level. This means a slide below $47,000 may see the digital asset fall below $46,000 but will most likely find significant support at this $45K level. Although a fall below this will quickly send BTC back to the low $42,000s given it is more akin to a sliding scale.

Related Reading | TA: Ethereum Losing Pace, What Could Trigger Another Increase

Bitcoin is now comfortably trading above the 50-day and 200-day moving average, cementing both a short and long-term bullish outlook for the asset. It continues to hold firm as it is trading at $47,300 at the time of this writing.

Featured image from Coingape, charts from Arcane Research and TradingView.com
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Best Owie
Best Owie

Best Owie

Best Owie is a seasoned managing editor with a wealth of experience currently serving as the Managing Editor at NewsBTC. Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality.

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Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best’s publications, which are always clear and concise, enabling easy reading and understanding for all.

Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best’s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community.

Best’s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information.

Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity.

When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world’s most quiet and well-behaved Husky. Best’s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well.

As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers.

Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best’s prolific career in the media industry is a testament of how hard work and dedication pays.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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