Bitcoin Price Prediction : 24-Hour Chart Raises Hope of $50K Breakout

Sunday 07 March 2021, 6:08 PM AEST - 1 month ago

Bitcoin priceBitcoin Price Prediction : 24-Hour Chart Raises Hope of $50K Breakout 19

  • Yesterday, Bitcoin price almost got rejected at the $48,000 price level and dropped to a daily low of $47,270. However approaching the end of day (March 6th), BTC broke above the $48,000 support level.
  • investors are searching for the next big coin. And they are likely to go for altcoins that are exploding in value. This could be Bitcoin Cash (BCH), Litecoin (LTC) or Cardano (ADA).
  • The coin is trading at $49,505 and heading for the $50,000 target, as well as the 4-hour simple moving average.

Yesterday, Bitcoin almost got rejected at the $48,000 price level and dropped to a daily low of $47,270. However approaching the end of day (March 6th), BTC broke above the $48,000 support level.

Therefore opening the 24-hour daily chart at a price of $48,905 against the US Dollar.

The leading digital asset has been stuck below the $50,000 psychological resistance for the past few days. Good news is the daily chart seems promising for the bulls, whereby the coin is trading at $49,505 . The daily change is 1.38 percentage and the bears are pushing for further lows below the recent bottom of $46,000.

Bulls are hoping the price will not go below its 24-hour low of $47,127; so as to gain further momentum to break the next key resistance.

All traders are watching the $50,000 resistance , after which Bitcoin is likely to resume its 2021 Bull cycle. A big problem remains persistent selling pressure among whales who have already begun doing heavy transactions.

Traders are advised to remain aware that increasing whale activity coincides with significant price declines. And this is especially true with transactions involving moving funds across exchanges.

Earlier on yesterday, we mentioned how Bitcoin and the entire cryptomarket is facing a downtrend due to spiking US Treasury yields.

The association between increasing interest in treasury yields ...

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