The price of bitcoin (BTC) has once again been quoted above US$ 50,000, after almost a month without breaking through this resistance. On Tuesday morning (5), the cryptoasset reached a high of US$ 50,300.79 through the BTC/USD pair.
According to data from CoinMarketCap, bitcoin has accumulated an appreciation of more than 18% over the past seven days. In the last 24 hours alone, the BTC price has risen by almost 5%, which brought the cryptoasset back above US$ 50,000.
After ending September with an accumulated devaluation close to 7%, the bitcoin began October with a strong wave of appreciation, reversing the downward trend that prevailed last month.
Bitcoin price at US$ 50,000
Before breaking through the resistance of US$ 50,000, in the last 24 hours, the price of bitcoin rose more than US$ 3,000. As recently as Monday (4), the cryptoasset was quoted at around US$ 47,000.
According to an assessment recently released by Coindesk, BTC can maintain the wave of appreciation and reach higher price levels. If it continues to rise, the analysis suggests that bitcoin’s next resistance level could be between US$ 52,000 and US$ 55,000.
Soon after breaking that level, bitcoin could follow the path of appreciation up to US$ 60,000 and approach the all-time record. The analysis suggests that a “groundbreaking disruption” of US$ 50,000 could trigger this appreciation.
“A groundbreaking disruption above US$ 50,000 may fuel higher appreciation toward an all-time high close to US$ 60,000, although buyers may start making profits before that level due to the slowdown in the pace on the weekly chart”.
BTC in Real
While the bitcoin price broke through the US$ 50,000 level, the cryptoasset’s appreciation in Brazilian Reais was even greater. Boosted by the recent rise in the dollar, the BTC was quoted above R$ 275 thousand today (4), through the BTC/BRL pair.
In the last 24 hours, the price of bitcoin in the Brazilian market has varied between about R$ 257 and R$ 275.000. With this variation, the cryptoasset now accumulates a 17% increase and continues to be quoted at around R$ 274.000.
While the bitcoin started in October in appreciation, the dollar had also significantly increased against the Brazilian real. With the current value of R$ 5.46, the U.S. currency reached levels that had not been seen in the market since April 2021.