BTC could breach the final resistance before $50,000.

  • Bitcoin returns to challenge $48,000
  • Favorable headwinds look set to add to Bitcoin’s strength.
  • a falling dollar will be a boon for hedge assets

BTC is fast approaching its second attack on pivotal resistance this week, and bulls dominate the proceedings in the market. It was a mixed weekend that saw both faces of the coin- a run on $48,000 and a major rejection at that level; Bitcoin is already back, having made up all of its losses.

The conditions broadly favor the bulls, and it is just a matter of time before the next move reshapes the BTC/USD spot market.

A rags-to-riches story 

– Advertisement –

Saturday saw the BTC/USD jumping above $47000, and it is a zone that borders a huge resistance wall that remains in place. Subsequently, Bitcoin dropped to local lows of $45,500 before recovering through Sunday, ultimately bringing Bitcoin back to where it had begun the weekend’s action, and Monday’s picture provides a firm sense of déja-vù for traders.

image 36
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Prominent crypto expert Michaël van de Poppe had cautioned before the latest run-up was confirmed. He said that Bitcoin needs to regain $46.5K, and If not, $44K next.

Investors are sticking at $48,000, and a glance at buying and sell levels on major exchange Binance shows the extent of the resistance, with support at $45,000 now also substantial.

image 37
BTC/USD buy and sell levels (Binance) as of Aug. 16. Source: Material Indicators/Twitter

Meanwhile, trader and analyst Rekt Capital pointed to the ascending triangle structure for BTC/USD, with Sunday providing a test of its upper boundary but not a breakout. He tweeted on Monday that BTC has achieved a new Lower High on this most recent successful retest attempt.

image 38
BTC/USD is an ascending triangle structure. Source: Rekt Capital/Twitter

Hash rate, difficulty at its peak

Bitcoin fundamentals are still very strong and are surging, climbing toward all-time highs. The automated readjustment on Friday saw difficulty increase by 7.3%, completing its best performance since Bitcoin’s May price sell-off

image 39
Bitcoin difficulty chart. Source: Blockchain.com

After being forced out of China, mining power returns to Bitcoin while existing operations are adding to their capabilities. The result is a bigger Bitcoin mining hash rate and more competition for the Bitcoin block subsidy, a process that, in turn, leads to difficulty rising to keep the network in equilibrium. The process also augments network security and underscores miners’ long-term commitment to Bitcoin — investment in return for profits.

At present, the hash rate stood at 113 exahashes per second (EH/s) on Monday, now firmly above the 100 EH/s mark and 30 EH/s above the post-May lows. Just before the crackdown in China, the hash rate was 168 EH/s, according to monitoring resource MiningPoolStats.

Dollar celebrates 50 years. 

Bitcoin adds to its strength from the wider macro environment this week after a tough end to the week for the United States dollar. It is 50 years this weekend when the U.S. ended the dollar’s gold convertibility. However, a weak Dollar cannot indicate easy returns for the BTC, but it can be considered an indicator of the state of the crypto market.

When writing, the U.S. dollar currency index (DXY) stood at 92.6, down from over 93 last week.

image 40
U.S. dollar currency index 1-day candle chart. Source: TradingView

Justin d’Anethan, head of exchange sales at Nasdaq-listed crypto firm EQONEX in a market survey, said that a falling dollar would be a boon for hedge assets such as gold as well. Justin wrote on Monday one can see the falling dollar supporting risk assets and also gold, trying to make a comeback; he wrote Monday

Justin added that the bullish sentiments could be felt in the crypto space, and the investors are a lot richer now than they were last week or the week before that.

Source: BTC could breach the final resistance before $50,000.

*This is a free press release. Upgraded press releases are ad-free!

The stainless steel air distribution industry

When it comes to manufacturing air distribution components for sterile environments, there’s no room for error. And because perfection is required for long-lasting, functional HVAC components, the right material and manufacturing processes are important factors.For everything from stainless steel grilles to air diffusers to HEPA filtration systems, the stainless steel air distribution industry is vitally…

Read Press Release

NTD Expands Its Service in Washington and San Francisco

NTD, The Epoch Times’ sister media, has expanded its service in Washington by partnering with local TV station WJAL. NTD has also added a new 24/7 channel on Comcast in San Francisco. The new launch makes NTD available to nearly 4 million additional cable subscribers. NTD currently broadcasts 24/7 on WJAL’s primary channel 68.1. WJAL…

Read Press Release

100k SOLR tokens will be airdropped ahead of the IDO

SolRazr has been observed getting overwhelming support from its communitySolRazr’s whitelist for the first IDO is now liveAhead of the IDO and whitelisting the protocol will do an airdrop of 100k SOLR tokensSolRazr is the DeFi tool on the Solana blockchain network. It is the first decentralized developer ecosystem for Solna. Notably, the protocol offers…

Read Press Release

FBI Investigates Alleged Attack on Female Soldier by Male Afghan Refugees at New Mexico Base

Marines with Special Purpose Marine Air-Ground Task Force-Crisis Response-Central Command guide evacuees on to a U.S. Air Force C-17 Globemaster III during an evacuation at Hamid Karzai International Airport in Kabul, Afghanistan, August 21, 2021. (Sergeant Samuel Ruiz/U.S. Marine Corps) The FBI has launched an investigation into the alleged assault of a female soldier perpetrated…

Read Press Release

BTC could breach the final resistance before $50,000. - Click To Share

Share on facebook
Share on twitter
Share on reddit
Share on linkedin
Share on email
Share on whatsapp