For the first time since the crash, Bitcoin (BTC) has crossed 50k for the first time in three months. The road till here was insanely very difficult and full of chops. The coin had dropped down to a price of 29k. BTC tried to break the range of 40k but was unable to do so and dropped down back to 29k. The impulsive move came after this point and it rallied upwards and now has reached 50k. The price is closer to its All Time High than the anticipated 20k price.
50k is strong horizontal resistance but at the same time, it has a psychological affect as well. Being such a rounded number and symmetrical, this price possessed a barrier within itself. At the time of writing the coin is being traded above this prize, but it can retest this zone to see whether the support holds or not.
Before this, BTC was ranging above the support of $48.6k and resistance at $49.5k. The coin showed a pullback from this zone and it was thought that it might drop to $47k and a lot of shorts were triggered at this point, but it stopped at $48.0k. As a result, a lot of positions have been liquidated because of this.
What happens now?
Currently, the market has a divided opinion on the movement. Some are quite sure that the Btc will cross $55k while some are saying that we are due for a correction, otherwise we will see a massive retracement at the upper resistance zone.
Crossing this particular zone, a lot of people have entered the market once again. Different positions have sprung up that are aiming for the late 50 zone. Nevertheless, BTC has showed remarkable movement. As of now, the total market cap of the crypto market has crossed $2T. Currently, the BTC dominance is 44.44% in the total market. Meaning that it still holds the major dominance in the market.
Long term Estimations
Enthusiasts call for the price of $100k at the end of the year. As it moves up with its dominance still at one point, we can expect alts to run as well. On the other hand, bears are also present who are still calling for $20k BTC. Normally when the weekends print red, this week has been really good as many coins went up. $Luna, $Sol $Ada $eco went on to create an all-time high.
