Bitcoin Breaches the Next Major Target at $ 50,000
The surge in Bitcoin, as it broke above $ 50,000 for a moment
Cryptocurrencies continue to move higher, in a never ending climb, as they continue to benefit from the newly acquired status of safe havens in an uncertain world. BITCOIN has been at the forefront of this run, breaking level after level.
The 2017 high of $ 20,000 was broken in December, while in January buyers pushed above the $ 30,000. It didn’t take long for the next target at $ 40,000 to be broken, as the early January surge in cryptocurrencies continued further, which we covered in our Bitcoin forecast for 2021.
We saw a pullback later that month, but the bullish trend resumed in February again, as the H4 chart above shows. During the bullish period, moving averages have been doing a great job in providing support on the H4 chart, particularly the 50 SMA (yellow). They have been pushing Bitcoin higher and earlier today Bitcoin broke above the next big target at $ 50,000.
The price has pulled back down again now, but it’s not falling too fast, which implies that buyers will come back again, once the 50 SMA catches up with the price probably. We are following the price action, so we can open a buy Bitcoin signal at some point.
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