The Bitcoin course still only knows one direction and can significantly overcome the psychological resistance mark of 50,000 US dollars for the time being. Its dominance can also increase by almost 2 percent after several weak weeks.
Bitcoin (BTC): BTC rate overcomes USD 50,000 and is likely to march through towards 53,840
Bitcoin is rising to new highs, driven by ever new investments by institutional investors. The dynamic breakout above 50,000 USD spurred the price development to a new all-time high at 51,667 USD, which led to a new high for investments on the CME futures exchange in Chicago. The reserve currency is currently attacking the resistance area between USD 51,667 and 53,840. A stabilization above the 50,000 USD should pave the way for further rising BTC rates in the coming weeks.
Bullish scenario (Bitcoin price)
The Bitcoin coursecan maintain its bullish stance and is currently attacking the important resistance area in the form of the 138 Fibonacci extension. If the bulls manage to break this resistance level, the price level at USD 53,840 will first come into focus. If there is no significant setback in the orange resistance zone, a break-through to USD 57,667 is likely. The Fibonacci extension of 161 runs here. Investors should reap their first profits at this chart mark. The statistics say that the 161 Fibonacci extension represents a level of resistance that should not be underestimated. Setbacks in the form of a consistency test of the area around USD 50,000 are not only likely, but actually beneficial for the medium-term price development. Can Bitcoin subsequently break the resistance at 57.
If this resistance is overcome in the long term, the 200 Fibonacci extension at USD 67,463 will move into the focus of investors
Here investors should reap profits. As long as the BTC rate does not consolidate well below USD 57,000, an attack towards USD 70,000 should be planned in the medium term. There are currently larger sales positions here that cannot simply be skipped. Should the bulls manage to gradually soften this area in the coming months, a rise towards USD 77,678 is conceivable.
If the analyzes at the beginning of the year still talked about a maximum increase up to this chart mark, the increasingly bullish news situation around Bitcoin could even cause an increase towards USD 83,310 in the second half of the year. Here you can find the 261 Fibonacci extension of the higher-level price movement. A price increase to USD 89,982 is also conceivable as an inflation protection based on the current interest in the crypto sector. This is where the 461 Fibonacci extension from the hourly chart runs. If the positive development of the last few weeks should continue over the whole of 2021, the achievement of the superordinate 361 Fibonacci extension at USD 108,953 cannot be completely ruled out as a maximum bullish price target.