Bitcoin (BTC) at $50K: Here’s What Could Push Bitcoin to New 3-Month High
Bitcoin (BTC) price reached a new three-month high of $47,998 as the crypto market looks set for another bull rally. The top cryptocurrency has managed to get past the three-month-long bearish phase to start on a strong note in August. It has faced rejection at the $48K level again, and a move ahead of the key resistance would push it to the $50K price territory soon.
BTC fell to a weekly low of $45,500 on Saturday but recovered throughout Sunday to challenge the $48K bracket again. The top cryptocurrency is moving in the range of $45K-$48K with $45K being strong on-chain support at present.
Key On-Chain Metrics Indicate Strong Bullish Momentum
Bitcoin turned its key resistances above $40K fairly quickly managing to break past three resistances in the first two weeks of August. This is a strong bullish sign as the top cryptocurrency was struggling to hold above $35K for the majority of the last three months. BTC’s on-chain metrics have also shown great recovery in the past couple of metrics as key ones flashed bullish signals.
The Bitcoin hashrate is currently recovering and nearing ATHs which is a major sign that large mining farms that migrated out of China have restarted their mining farms overseas. The average hashrate in the past day was 144.12 EH/s, the average hashrate in the past 3 days was 128, and in the past 7 days was 118.22.
Ever since BTC has managed to break past $40K resistance, the on-chain large transaction activities have spiked indicating growing investor confidence. On-chain transactions worth $10 million and above account for more than 50% of the transactions.
Santiment’s crowd sentiment data indicates FOMO among investors has increased as they expect another bull run that could retest its previous ATH of $64,683. The data suggest optimism is up but hasn’t reached euphoric levels as of now. A Euphoric FOMO in the coming weeks could drive BTC price to new ATH soon.
😌 #Bitcoin has settled into a $45k to $48k range that has encouraged traders to #FOMO in with anticipation of another run toward the April #AllTimeHigh. Our data indicates optimism is up, but not euphoric in a way that leads to imminent $BTC corrections. https://t.co/G6elk42eSx pic.twitter.com/7ZrIzoZPF5
— Santiment (@santimentfeed) August 16, 2021
- El Salvador’s Bitcoin Holdings Hit $475M Profit as BTC Becomes World’s 7th Largest Asset
- Breaking: Bitcoin Hits New ATH Above $125k as ‘Uptober’ Kicks Off in Full Force
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
