Bitcoin prices reached their highest levels since May 11 nearing $53,000 as investors reflected on the decision by El Salvador’s government to buy 200 BTC. However, the sudden price dip sparked a retest at $50,000.
Popular Analyst, Michaël van de Poppe tweeted that even $49,000 was a reasonable target, which would still give no cause for concern.
Bitcoin Golden Cross – Will BTC Repeat the May 2020 Price Action ?
As per the daily time frame, a golden cross seems imminent in September. The 50-day MA will likely cross above the 200-day MA within the next week or two. Last time, when the golden cross occurred during May 2020, Bitcoin price rose from $9,000 to over $60,000.
The 200-day MA is steady near $46,100 and the 50-day MA is trending north and looks set to cross above the former in the next few days. That would confirm a golden crossover, which occurs when the short-term average moves above the long-term measure.
At Present, the bitcoin price must hold the $51,483 level for further upside. Traders can expect the rally up to $56,361 and, if the bullish momentum continues, the flagship crypto could reach $60,000 psychological level.
On the Flipside, if BTC fails to maintain the key resistance level could trigger Bitcoin price to a consolidative phase or a move lower to around $49k.
A popular crypto analyst Rekt Capital, Bitcoin price could be retesting its $50K and a rebound from this level would confirm the final move ahead above the $55K price range.
34,069,565 Bitcoin Addresses are Currently in Profit
According to data from Glassnode, over 16.49 million BTC supply (7d MA) has returned in profit amid the surge in price. This refers to nearly 87.8 percent of Bitcoin supply and 34,069,565 addresses are currently in the state of profit.
On-chain Exchange Net Flow
As per reports from Glassnode, In the last 24 hours, on-chain exchange net flow turned negative -$413.9 million, meaning there were more outflows from exchanges than inflows. More than $1.7 billion worth of Bitcoin was moved-off exchanges.