{"id":178351,"date":"2021-08-21T11:15:03","date_gmt":"2021-08-21T05:45:03","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=178351"},"modified":"2021-08-21T11:16:38","modified_gmt":"2021-08-21T05:46:38","slug":"why-bitcoins-breakout-towards-50k-is-all-but-confirmed","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-bitcoins-breakout-towards-50k-is-all-but-confirmed\/","title":{"rendered":"Why Bitcoin’s breakout towards $50k is all but confirmed"},"content":{"rendered":"

Bitcoin<\/a>‘s price action has been exciting enough to keep traders and investors on the edge of their seats over the last few weeks. <\/span>After oscillating close to $45k for two days in a row, the crypto finally retested and breached the $48k level. In fact, at press time, BTC was trading just under $49,000 on the charts.k<\/span><\/p>\n

This provided the market with much-needed relief. Especially since Bitcoin\u2019s foray beyond $48k was celebrated by analysts who were anticipating a breakout.<\/a><\/span><\/p>\n

With daily gains of almost 4% at press time, the market seemed primed to push BTC towards $50,000. The same was evident when the crypto’s RSI was observed. The indicator in question was noting an uptick at the time, with the same underlining the spike in buying pressure.<\/span><\/p>\n

Buyers seemed to be keen on securing higher support levels as they eyed\u00a0 $50k. What’s more, the 200-day simple moving average (SMA), at the time of writing, was acting as much-needed support for its price.\u00a0<\/span><\/p>\n

The perfect plot for an uptrend\u00a0<\/b><\/h4>\n

Outflow dominance for Bitcoin paved the perfect path for a breakout. As highlighted<\/a> by Glassnode, Bitcoin exchange flows returned to the dominance of outflows through August. Investors withdrawing BTC indicated both, a bull impulse<\/a>, as well an accumulation. <\/span><\/p>\n

The market has transitioned through a number of phases of exchange flow dominance over the last year. Outflow dominance was last seen in late 2020, and the same was followed by a bull a run.<\/span><\/p>\n

\"\"<\/a>
Source: Glassnode<\/figcaption><\/figure>\n

Moreover, accumulation was further backed by the significant drop in Liveliness for BTC. This meant that a high proportion of coin supply is dormant, implying an increase in HODLing behavior. It also suggested that global Coin Day Accumulation has been outpacing Coin Days Destroyed. <\/span><\/p>\n

The strength shown by bulls and long-term holders in pushing BTC above $48k inevitably cleared its path to $50k. Will it happen though?\u00a0<\/span><\/p>\n

Bullish cards for Bitcoin if\u2026\u00a0<\/b><\/h4>\n

If BTC stays afloat above the $48k level, the chances of it rallying to $50k are extremely high. The possibility of the same happening looked bright with BTC oscillating at $48,900, at press time. All it needs is a stronger push by the bulls. <\/span><\/p>\n

Further, Bitcoin\u2019s breakout was also confirmed by analyst Rekt Capital after the analyst noted, “BTC\u2019s 4HR close above the diagonal would be enough to confirm the breakout.”\u00a0<\/span><\/p>\n

\"\"<\/a>
Source: Rekt Capital<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

Bitcoin‘s price action has been exciting enough to keep traders and investors on the edge of their seats over the last few weeks. After oscillating close to $45k for two days in a row, the crypto finally retested and breached the $48k level. In fact, at press time, BTC was trading just under $49,000 onContinue reading “Why Bitcoin’s breakout towards $50k is all but confirmed”<\/span><\/a><\/p>\n","protected":false},"author":42,"featured_media":178355,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-178351","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nWhy Bitcoin's breakout towards $50k is all but confirmed - AMBCrypto<\/title>\n<meta name=\"description\" content=\"As Bitcoin retested a major resistance of $48K showing more than 8% gains, the market pegged its hopes on the coin reaching the $50K mark.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"http:\/\/ambcrypto.com\/why-bitcoins-breakout-towards-50k-is-all-but-confirmed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Why Bitcoin's breakout towards $50k is all but confirmed - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Bitcoin's price action has been exciting enough to keep traders and investors on the edge of their seats over the last few weeks. 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