FXTM information and reviews
Libertex information and reviews
FxPro information and reviews
FIBO Group information and reviews
FIBO Group
FXCM information and reviews
OctaFX information and reviews

Dollar weakness meets alt season: Is Bitcoin price about to hit $50K?

12 February 2021

As the chart shows, the next level of interest is the psychological barrier around $50,000. It’s also the next major Fibonacci level. The 1.618 Fibonacci level is often used as a crucial indicator to predict levels in price discovery. Another important level to watch for Bitcoin is the order block around the $43,300-$43,700 area. Continuation to the upside is likely as long as that area holds.

However, a sharp drop is likely to happen if Bitcoin’s price can’t hold this level. Falling through the $43,300-$43,700 area would generate a cascade of stop/loss triggers as the price of Bitcoin drops back in the range it acted in for several weeks. The next level of support can be found between $37,800-$38,500 if $43,300 fails to hold.

The Dollar Strength Index (DXY) shows weakness after a temporary bottom at 90 points. This bottom formation was marked by a bullish divergence, resulting in a small relief rally. This rally ended at the 91.60 points level and made a U-turn. The primary question for the DXY now would be whether the 90 points level can hold. If that is the case, then the bullish divergence is still valid and a renewed test of 92 could occur. Such a rebound would likely lead to a pullback for the crypto market.

However, if the DXY index continues its downtrend, then there won’t be much to stop the cryptocurrency market from making higher highs and BTC hitting $50,000.

The total market capitalization of crypto shows strength as it broke through the previous high. Only a minor retest of $730 billion occurred, which was followed by a nearly vertical move. The Fibonacci extension tool now shows that the new point of interest is now at $1.5 trillion, as the chart shows. The question is whether the market is ready to continue from here to the next potential point of interest at $2.1 trillion. If the market corrects, which may happen if Bitcoin loses the $43,300-$43,700 level, then traders should watch the $1.05 trillion level for a potential bounce.



Bitcoin price drops to $52K, liquidating almost $10B

Bitcoin (BTC) fell to sudden lows of $52,000 on April 18 in a timely reminder of how price action often follows hash rate. Cointelegraph Markets Pro and TradingView...

19 Apr 2021

Bitcoin Price Lifts Crypto Stocks Ahead of Coinbase Listing

Listed firms that deal in cryptocurrencies or have exposure to them saw a field of green in global markets Wednesday, ahead of the much-anticipated direct...

15 Apr 2021

Rally in the cryptocurrency market

Updating historical highs by any asset is considered a landmark event, but not in the current year. Starting from the main US stock indices and up to the majority...

14 Apr 2021

Bitcoin hits new all-time high above $63000

Bitcoin surged to a fresh record high of more than $63,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange...

14 Apr 2021

Bitcoin on-chain data suggests no bull market top at $60K

For the very first time in a Bitcoin (BTC) bull market, not only long-term investors but also short-term speculators who usually add to the daily sell pressure...

12 Apr 2021

XRP is up roughly 20% over the past 24 hours

Ripple Labs has been granted access to U.S. Securities and Exchange Commission documents expressing the agency's interpretation or views on the subject

7 Apr 2021

Editors' Picks

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.