Following almost 4 days of re-accumulation, Premier cryptocurrency Bitcoin finally Crosses $50,000.
Bitcoin Surpasses $50,000
Currently trading at $51,235, Bitcoin is up 6% in the last 24-hours. Whereas the crypto giant has seen a growth of over 8% during the week.
It is a 4 day long re-accumulation phase that has caused Bitcoin’s recent price action. After hitting a low of $$45,579 on Dec 20th, Bitcoin began to accumulate, and hit a high of $51,506 just hours before press. It was the first time in almost 2 weeks that Bitcoin surpassed $50,000.
Most notably, despite Bitcoin’s upside movement for a brief period, the coin is still down 10% in the last 30 days. This shows a rather rough picture.
Another factor that needs to be considered is Bitcoin’s general volatility. Since the second week of Dec, Bitcoin has continuously traded hands between the $46,000 and $49,000 price mark and broke through it, rarely, a change of mere $3,000. Now what this shows is that Bitcoin is currently in bears as the bulls cause higher lows and higher highs.
Take a 30 days period between 1st week of Nov and Dec as an example. In that very period Bitcoin’s peak was recorded at $68,789. Whereas the lowest point was $46,581, a change of over $12,000. By any stretch this does not mean that Bitcoin’s bull cycle is over but at the moment, as stated above, the picture is rough.
While, rather considerably, some technical analysis show a further upside rally, others point towards key resistance levels at $53,000 and $55,000.
A Brief Review
As we are just a week away from the new year, it is quite reasonable to look back and see how the Bitcoin has performed during the year, relative to people’s expectations. Stating very briefly, most of the analysts in the market were of the view, at the start of the year, that the Bitcoin will indeed surpass the $100k price mark by the end of the year 2021. But it seems to have proved an extremely far fetched projection. As Bitcoin has not surpassed even the $70,000 price mark. The fact of the matter is, analysts in the market are required to be a little more realistic, while making predictions.