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Bitcoin revives back to $50,000 level

Bitcoin gains worth over $50,000, which is spurring the bulls to take action once more.

Bitcoin
Photo By "Dawn"

According to the data of CoinMarketCap, Bitcoin has revived back to its pricing level worth$51000. It is experiencing a price increase of more than 55 from its last 24hour low at around the mark of $48457.

As per the market analyst Michale Van De Poppe, this final resistance before Bitcoin can start the bullish trend again. He is talking about the bullish trend, which is located near the area of $50712.

The RSI, on the other hand, is currently standing at the mark of 61.69. It has already invalidated the bearing divergence signal as it is falling under 70.

Van De Poppe has also explained that as bitcoin is breaking out at the level of $51000, there are chances that it is heading towards $60000.

Here is what he said, “Bitcoin is breaking out of this $51,000 level, the chances are that we just get one vertical candle towards $58,000, or even $60,000.”

He believes that the altcoins will lose their value against Bitcoin and will fail to keep their pace.

The buy and sell levels in an order book of the worlds’ top crypto exchange Binance are showing a highly selling volume. This volume is residing near the mark of $51000 level. While on the other hand, there are another couple concentrating seller areas near the mark before $52000. Hence there is not any kind o0f comparable concentrated seller area until the area is worth the $60000 mark.

This new entry of bitcoin to the mark above the $51000 marks its second journey towards reaching out to an all-time high price. The crypto crashes down in China, and Tesla’s decision of not adding bitcoin as a form of payment has impacted the pace of bitcoin. Now it is about to see how much it will be able to hold on to its position and grow.

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