Bitcoin knocks on door of $50,000 after rising above resistance

Bitcoin knocks on door of $50,000 after rising above resistance

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 $49,704, the highest since May 16, midday Saturday in New York. 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 per cent 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. “The recent price rally is not indicative of a massive jump yet, however, 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