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.