Bitcoin is trading above the psychological resistance of US$ 50,000 for the first time in three months. When this article was written, the largest cryptocurrency was trading at US$ 50,174; a level last reached in mid-May. For the year, the cryptocurrency has accumulated gains of 71%.
Daily trading volume remains relatively stable and has decreased compared to previous days, although the price remains above the 200-day moving average. This indicator is used to measure the strength of a given trend.
The bitcoin move has positively impacted the price of several cryptoassets, including Cardano, Litecoin, and Uniswap, with gains between 2% and 12%.
In the macro-environment, the investors set their sights on the upcoming FED meetings later this August and a Federal Open Market Committee meeting in September and their impacts on global liquidity.
Transfero’s research already indicated a level above US$ 50,000
In recent weeks, bitcoin’s bullish movement has gained momentum, and analysts at Transfero have hinted about the prospect of reaching the US$ 50,000 mark in the short term. “Chart analysis raises expectations for the breakout of the Resistance Line, which is in the US$ 47,000 range. Above this level, the next target is to surpass the US$ 50 mill consistently”, explained Transfero’s Head of Crypto Prime Brokerage, Wander Guedes, in the latest analysis