Bitcoin, 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 am Sunday.
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 am 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.”
