Bitcoin hasn’t been particularly bullish in the last two weeks, after the upside move that took the price from below $30,000 to above $50,000 – this lasted for about a month. But, the bullish momentum faded eventually, and in the last two weeks, we have seen some consolidation in Bitcoin and the rest of the crypto market, apart from a few cryptos, like Ethereum and Solana, which continue to surge higher.

But the consolidation might be over now, and the bullish momentum seems to be picking up again. BTC/USD consolidated in a range below $50,000, but now it has moved above that level, as it turned bullish in the last few days. Buyers were waiting for the 20 SMA (gray) to catch up on the daily chart and now the price has bounced off that moving average which has turned into support, after the 200 daily SMA (gray) turned into support in August.

Bitcoin Live Chart

Now BITCOIN is heading for August highs, at $50,500, which are not too far away. If buyers manage to push above it, then $60,000 is in sight, before the all-time high just below $65,000. By the looks of it, Bitcoin will eventually break above that level, but one thing at a time. At the moment, we will wait and see whether BTC/USD pushes higher, and if it does, the $50,000 zone would turn into support.

Bitcoin Cash Analysis

Bitcoin cash looks quite lazy

The situation in Bitcoin cash is not looking as good as in Bitcoin though. This cryptocurrency lost more than 75% during that crash which started in May, while it kept making lower lows until late July. It did reverse higher, but it feels more like the rest of the market pulled it higher, otherwise it wouldn’t have had the stamina to turn bullish.

BCH/USD moved above $700 last month, but there was no follow-through on the bullish momentum and the price has been hanging below that area for two weeks. The 200 SMA (purple) is providing some form of support, as it did back in May/June, so that’s consoling for BCH buyers, although the buying pressure doesn’t look strong for Bitcoin Cash.

Bitcoin Cash Live Chart