U.S. markets closed
  • S&P 500

    4,432.99
    -40.76 (-0.91%)
     
  • Dow 30

    34,584.88
    -166.44 (-0.48%)
     
  • Nasdaq

    15,043.97
    -137.96 (-0.91%)
     
  • Russell 2000

    2,236.87
    +3.96 (+0.18%)
     
  • Crude Oil

    71.96
    -0.65 (-0.90%)
     
  • Gold

    1,753.90
    -2.80 (-0.16%)
     
  • Silver

    22.36
    -0.43 (-1.90%)
     
  • EUR/USD

    1.1732
    -0.0040 (-0.34%)
     
  • 10-Yr Bond

    1.3700
    +0.0390 (+2.93%)
     
  • GBP/USD

    1.3737
    -0.0059 (-0.43%)
     
  • USD/JPY

    109.8950
    +0.1770 (+0.16%)
     
  • BTC-USD

    47,993.72
    +680.96 (+1.44%)
     
  • CMC Crypto 200

    1,193.48
    -32.05 (-2.62%)
     
  • FTSE 100

    6,963.64
    -63.84 (-0.91%)
     
  • Nikkei 225

    30,500.05
    +176.71 (+0.58%)
     

Bitcoin Knocks on Door of $50,000 After Rising Above Resistance

·2 min read

(Bloomberg) -- Bitcoin is nearing the key $50,000 level as it continues to rise out of a multi-month period of weakness.

The largest cryptocurrency reached as high as $49,803, the highest since May 15, midday Saturday in New York. It was trading around $49,000 as of 9:30 a.m. Sunday. Its rally is overcoming a rare confluence of technical obstacles, including an April low of about $47,000 and a Fibonacci and Ichimoku cluster between $47,000 and $48,000.

The 61.8% Fibonacci retracement of the April to June downtrend -- at $51,000 -- still looms as a potential obstacle, along with the round-number $50,000 mark.

“The next major resistance, for now, is at the $50,000 zone,” said Konstantin Anissimov, executive director at CEX.IO crypto exchange. “Should more buyers dive in to push the price above the $50,000 level, a frenzy may be ushered in to steer the price toward a medium-term target of $55,000.”

Bitcoin has recovered after trading in a range of about $30,000 to $40,000 for many weeks, after it plunged from a record near $65,000 in mid-April. Still, it’s up significantly in the past year amid institutional adoption and endorsements from big names like Paul Tudor Jones and Stan Druckenmiller. Global crypto adoption has risen some 881% in the past 12 months, according to Chainalysis.

The total market value of cryptocurrencies was at $2.17 trillion on Sunday, according to data from CoinGecko.com, up 1.1% in the past 24 hours. The overall value has been helped in the past seven days by the 18% rally in Cardano and Binance Coin’s 11% gain, while Dogecoin is up about 9% over the period and Solana 73%, CoinGecko pricing showed.

More stories like this are available on bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2021 Bloomberg L.P.