Bitcoin Approaches $50,000 After Breaking Resistance of $48,000 By
© Reuters. Bitcoin Approaches $50,000 After Breaking Resistance of $48,000
- Bitcoin’s price just broke past $48,000 on Monday.
- It is nearing the key $50,000 level.
Bitcoin’s price just broke past $48,000 on Monday, nearing the key $50,000 level as it continues to rise out of a multi-month period of weakness.
The largest crypto by market cap started an improvement above the $48,000 resistance level and settled above the $49,000 degree. Currently, BTC is trading at $49,435.40 with a market cap of $931 billion. The price movement also benefits other cryptos as some even hit new all-time highs.
As BTC is trading around $49,000, it means this rally is overcoming a confluence of technical barriers, including a September low of about $40,000. As a result, some crypto experts and investors reacted to this price surge. This is the case of Lark Davis, a crypto analyst, and investor who also tweeted about the price movement.
In addition, Lark Davis said,
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