Bitcoin Tries To Gain Additional Upside Momentum
Bitcoin continues its attempts to settle above the psychologically important resistance level at $50,000 while other cryptocurrencies wait for the results of this test.
Crypto markets are in a waiting mode today as the world’s leading cryptocurrency is testing the key resistance level at $50,000. Ethereum has managed to get above the resistance level at $3,300 and is trying to develop additional upside momentum. Dogecoin remains stuck near the resistance at $0.3150 while XRP is trading close to the $1.25 level.
Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, is stuck near the multi-week lows at 44%, but the situation may change quickly if Bitcoin manages to settle above the $50,000 level and more speculative money flows into the the world’s main cryptocurrency.
Bitcoin is currently testing the nearest resistance level at $50,000. This is a very important moment for the whole crypto market as a successful test of this level will attract more speculative traders and investors which will be bullish for most cryptocurrencies.
RSI is close to the overbought territory, but there is enough room to develop additional upside momentum in case the right catalysts emerge. In case Bitcoin manages to settle above the resistance at $50,000, it will head towards the next resistance level which is located at $51,500.
A move above the resistance at $51,500 will open the way to the test of the resistance at $53,000. In case Bitcoin gets above $53,000, it will move towards the next resistance level at $55,500.
On the support side, the nearest support level for Bitcoin is located at $48,000. In case Bitcoin manages to settle back below this level, it will gain downside momentum and head towards the support level which is located at the 20 EMA at $46,000. A move below the 20 EMA will push Bitcoin towards the support at $44,000.
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