Bitcoin is trying to beat $ 50K but it’s not easy

Bitcoin is trying to beat $ 50K but it’s not easy

Despite the fact that Bitcoin has been rejected several times by resistance at $ 50K, traders are trying to push the price up.


8 Mar 2021 , 12:51 @ CRYPTOSCARFACE

Bitcoin is trying to beat $ 50K but it’s not easy

  • Despite the fact that Bitcoin has been rejected several times by resistance at $ 50K, traders are trying to push the price up.

As we wrote in the last analysis, Bitcoin is really trying to top up the $ 50k price range, but the bears are doing a great job here. Bitcoin was rejected  several times here only during the last week and after overcoming it it managed to last only one day.

It is therefore more than clear that in order for BTC to be able to stay above this psychological border, it needs more than the current buy volume and thus strong support from outside, for example in the form of another important report for Bitcoin.

When we look at the course of this Bull Run, almost every stronger growth impulse was accompanied by extraordinary news when it was started by PayPal or in the next phase by an investment from Tesla and others.

Even though it is rumored about Netflix and the investment in BTC or the acquisition of PayPal in the crypto company Curv, these are still only assumptions, and unless these reports or other significant ones are officially published, it is unlikely that Bitcoin will surpass the previous ATH.

What does technical analysis tell us?

  • Support in the area of ​​$ 42K – $ 43K
  • Key support in the area of ​​$ 28K – $ 30K
  • Current resistance at $ 50K

Read also: Up to 54% of Goldman Sachs survey respondents believe that BTC will keep its price between $ 40K-$ 100K in 12 months

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