Bitcoin Price Eclipses $50K for the First Time in Months
For the first time since May 2021, Bitcoin's (BTC) price overcame the $50,000 resistance, indicating that the bull market is steadily approaching a second major run.
Bitcoin on Renewed Rise
BTC's price peaked at $50,482.00, according to Coinmarketcap, increasing by more than three per cent over a 24-hour period, while continuing its recent resurgence. Bitcoin has surged by more than $170 billion in total market capitalisation in the past weeks.
According to a multivariate sentiment study, the Bitcoin Worry & Greed Index has switched from "extreme worry" to "excessive greed" in barely a month.
Chain indicators have lately suggested an impending supply crunch, where long-term holders and institutions are strengthening their BTC holdings, even as prices have stayed at a discount. Despite Bitcoin’s climb in price, daily volume trade remains low, and might even be lower in the coming days as sellers wait for a possible Bitcoin peak.
"The market is still fluctuating on a 200-day average with still-playing bulls," Toby Chapple, head of trading at Zerocap digital asset company, said. "Cardano, Ether, Polkadot, Uniswap and others have given BTCUSD a support offer in recent days."
The cryptocurrency global market appears to have found a resolve similar to early 2021, with total crypto capitalization recently rising to about $2.2 trillion: a marked increase compared to the collective $1.3 trillion posted in June.
Bitcoin Trend Analysis From April 2021
Bitcoin recorded an ATH of $64,000 in April 2021, but massively dropped in June and July, even dipping as low as $30,000. The leading cryptocurrency’s price has however rebounded over 72 per cent since it plunged into the $29,000 area in late June.
While Bitcoin’s decline in price was largely attributed to Chinese authorities' crackdown on BTC mining pools, it has helped refocus renewed attention on green energy mining, and also sparked more institutional interests.
Whales moved quickly when BTC bottomed at $29k, catalyzing the beginning of another bull. Some analysts believe Bitcoin’s bull run is far from over, with analytical firms like PrimeXBT touting BTC to break the $100,000 mark before the end of the year, which would make it the first ever cryptocurrency to be worth six-figures per unit.
BTC trades at $49,932 at press time.
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