BTC Bull Attempts to Break $50,000 - A Psychological Hurdle as well as The Next

[Bex500]

On the daily chart, Bitcoin has been trading inside a rising wedge pattern for the past few days. The bulls flipped the $49,000 level to support on Aug. 23 and pushed the price above the psychological level of $50,000. After crossing above EMA100 line, BTC found support on the MA20 ($45.9k) . The relative strength index (RSI) is near overbought levels, which could encourage profit taking around resistance. However, Upside momentum is strengthening on the  daily chart, which suggests buyers are in control. The critical zone bitcoin needs to reclaim is $55,000-$58,000.

More details:https://www.bex500.com/college/category?cid=57&aid=299

[DeathAngel]

We’ll pass $50,000 again before too long. Bears are desperately trying to suppress the price but they will not succeed. Resistance is futile, we are in a bull market & we’ll begin our ascent again soon.

[hugeblack]

It is best to add charts because they show the information you want to convey quickly.

Personally, I do not see that there is a psychological barrier at 50 thousand dollars, but rather at one trillion market capacity, which represents about 54K USD, and therefore all prices below this top mean that the price will fluctuate until it is broken, and therefore it is difficult for the price to return without that.
In other words, if the price breaks the 50K USD, it will not constitute a change, or we will not return below those levels (a psychological barrier).

[cryptomaniac_xxx]

We’ll pass $50,000 again before too long. Bears are desperately trying to suppress the price but they will not succeed. Resistance is futile, we are in a bull market & we’ll begin our ascent again soon.

We're above to break $49k again, if that happens then obviously $50k will be the next target. $50k has been breach already, but it wasn't sustainable, but I do believed that once we touch it again, there could be FOMO to push the price even further.

Bears don't have the control of the market. Many few occasional dips, but I doubt that they can pull down the market just like when we are below $40k.

[Baofeng]

I agree that bitcoin is taking a new upward trend, but we should not forget that fundamental factors are also very influential in this direction, and we just shouldn't rely on technical analysis.

Given that the fundamentals are getting stronger by the day, it's good to look at technical analysis as well and see if they jive. Of course, we shouldn't rely on technical analysis as this is not an exact science, but majority of us here uses it as a sort of a guide because it definitely helps.

So that round number again, we have breach it already, but not enough to really hold on it and sustain. Maybe the second try is going to be different and we can reclaim it again before the end of the week.

[jakdanyel]

Bitcoin price got a correction right after it went over $50k. But it started recovering already and the price is $49k now. From now on, I think that it shouldn't be so hard for Bitcoin to break the $50k resistance again. And then, the most critical level will be $55k. If it manages to reach this level, I think it will have a little correction again. But this time, I don't think that the price will go down below $50k.

[$crypto$]

We’ll pass $50,000 again before too long. Bears are desperately trying to suppress the price but they will not succeed. Resistance is futile, we are in a bull market & we’ll begin our ascent again soon.

We're above to break $49k again, if that happens then obviously $50k will be the next target. $50k has been breach already, but it wasn't sustainable, but I do believed that once we touch it again, there could be FOMO to push the price even further.

Bears don't have the control of the market. Many few occasional dips, but I doubt that they can pull down the market just like when we are below $40k.

No more FOMO push to affect bitcoin but it's only corrected then the climb will start again, as far as I can see it won't be long and will see $50k in the nearest future and the bullrun will definitely continue even if there is FUD around us , but believe the challenges will soon be passed.

The bear will not be spinning for sure this will remain stable after looking at the previous history, even I carved at the time a few months ago to make sure that slowly the increase occurred during the following month.
The wait begins and the climb will soon be at the top.

[virasog]

We’ll pass $50,000 again before too long. Bears are desperately trying to suppress the price but they will not succeed. Resistance is futile, we are in a bull market & we’ll begin our ascent again soon.

We don't need to worry much as bulls are strong this time and also the fundamentals of bitcoins are very strong. No one is willing to sell and bitcoin will pass the 50,000$ very soon. Currently we see that bears are trying to push the price down but they can't keep it down for long. Bitcoin is now again near 49000$  

[aoluain]

I agree that bitcoin is taking a new upward trend, but we should not forget that fundamental factors are also very influential in this direction, and we just shouldn't rely on technical analysis.

Given that the fundamentals are getting stronger by the day, it's good to look at technical analysis as well and see if they jive. Of course, we shouldn't rely on technical analysis as this is not an exact science, but majority of us here uses it as a sort of a guide because it definitely helps.

So that round number again, we have breach it already, but not enough to really hold on it and sustain. Maybe the second try is going to be different and we can reclaim it again before the end of the week.

So I've been chatting to a friend who does a bit of trading and understands the charts,
it seems that there are 3 futures closing in the next few days and the value of $49k
is not an ideal for any of them, looks like we wont be crossing $50k much for the
next few days.

Also on the radar but not talked about much is an incoming "Golden Cross".
This article from the 10th states a number of days but it has not  formed.
https://cointelegraph.com/news/bitcoin-golden-cross-due-in-days-as-bears-draw-a-line-at-47k-btc-price

Historically the Golden Cross resulted in Bitcoin "taking off" so it will be interesting
to see if this time, the GC forms and if it helps Bitcoin cross $50k and by how much.

[Dave1]

^ I agree that the bitcoin future has a net negative effect except when we are in a super fast rally like in October-April of last year. But this happens on the last week or so of every month and after that the price seems to bounce again.

So in this case we have seen the price dip already because of the close of bitcoin future contracts so for me, we will see a good recovery before the end of August.

[TravelMug]

We’ll pass $50,000 again before too long. Bears are desperately trying to suppress the price but they will not succeed. Resistance is futile, we are in a bull market & we’ll begin our ascent again soon.

We don't need to worry much as bulls are strong this time and also the fundamentals of bitcoins are very strong. No one is willing to sell and bitcoin will pass the 50,000$ very soon. Currently we see that bears are trying to push the price down but they can't keep it down for long. Bitcoin is now again near 49000$  

Bears are getting weak because we are in a bull run, and if they continue to go short on btc, they will get REKT for sure. Personally, I'm not worried, sooner or later that $50k "Psychological Hurdle" will be broken. The bullish trend will continue as we enter the last quarter of this year.

Now that someone touches about bitcoin future contracts, if anyone wanted to see the calendar:

https://www.cmegroup.com/markets/cryptocurrencies/bitcoin/bitcoin.calendar.html#

So last trade will be tomorrow, so expect the price to fluctuate again.

[bbc.reporter]

It is best to add charts because they show the information you want to convey quickly.

Personally, I do not see that there is a psychological barrier at 50 thousand dollars, but rather at one trillion market capacity, which represents about 54K USD, and therefore all prices below this top mean that the price will fluctuate until it is broken, and therefore it is difficult for the price to return without that.
In other words, if the price breaks the 50K USD, it will not constitute a change, or we will not return below those levels (a psychological barrier).

The RSI in that chart might be wrong. All of the charts from major exchanges show a descending RSI and form a bearish divergence. Bitcoin is also presenty breaking the trend, however, if this day’s candle returns above this trendline it might be okay hehe.

[slaman29]

Personally, I do not see that there is a psychological barrier at 50 thousand dollars, but rather at one trillion market capacity, which represents about 54K USD, and therefore all prices below this top mean that the price will fluctuate until it is broken, and therefore it is difficult for the price to return without that.
In other words, if the price breaks the 50K USD, it will not constitute a change, or we will not return below those levels (a psychological barrier).

Yep, I don't think this one's a 50k thing at this stage (60 is the natural psychological barrier as it also happens to be ATH). Bears definitely see 1 T as the failure to keep tabs on crypto, so even with market pressure on selling, new coins entering circulation will keep pushing back and then when they get tired and the barriers break, we'll not be stepping backwards.

[onecall123]

We’ll pass $50,000 again before too long. Bears are desperately trying to suppress the price but they will not succeed. Resistance is futile, we are in a bull market & we’ll begin our ascent again soon.

We don't need to worry much as bulls are strong this time and also the fundamentals of bitcoins are very strong. No one is willing to sell and bitcoin will pass the 50,000$ very soon. Currently we see that bears are trying to push the price down but they can't keep it down for long. Bitcoin is now again near 49000$  

A psychological resistance zone is $50K, while a critical resistance zone is $51K. Now, bitcoin is down $48K as analysts look for next zones for a possible bounce. Bitcoin is heading down to test a new support level. Observing buy and sell on major exchanges, we have determined that $47K is the closest strong support level.

[pooya87]

$50k is just another number that bitcoin will smash through sooner or later and what we are seeing these days is just day traders' nonsense when they pull out their short term profit to put it back in later. What I'm more interested in is why was the FOMO small, does it mean the market participants are becoming more mature (which is unlikely) or is it that the sell pressure from manipulators still strong because they can't accept defeat?

[STT]

Flat numbers dont matter, price varies in every countries currency globally.   Main thing is the market moves in waves and part of that is the price receding from speculators taking profits, paying off their leverage and so on.   It will always be like that to some extent, I just want to know how much of a pullback.  The 200 day average seems the easiest target, we've tested and now passed below the weekly average price.

[StreakW]

The price of bitcoin experienced a bullish trend in the last five weeks. I estimate the price of bitcoin still has room to rise again. In the near future, I think the price of bitcoin will move in the range of $51k to $64k.

[Kittygalore]

We’ll pass $50,000 again before too long. Bears are desperately trying to suppress the price but they will not succeed. Resistance is futile, we are in a bull market & we’ll begin our ascent again soon.

Totally agree, I don't it's just the bears that are causing this, I think that some people have already taken a profit at 50k so it has fallen down back to 40k+ price range. If anyone wants to buy now, you might want to go fast because being late isn't going to do you any good.

[michellee]

The price seems to make a deep correction today as we see the price reach $46,700 and the trend looks not to increase too much. If this situation continues, the price could go below and reach $45,000 but hopefully, the price can stay at the current price this week. It is the opportunity to buy more bitcoin while the price is low so we will have the chance to sell it later when the price starts to increase. But if you doubt that the price will rise again this week, you can wait without doing anything. But bitcoin prices have the opportunity to back to $50,000 or $60,000 in the future.

[LFC_Bitcoin]

We’ll blast past $50,000 within the next month or so. The bull run will really pick up again in Q4 & we’ll see multiple ATH’s before the end of the year.