The broader cryptoverse resumed its bull run after the prolonged bearish rule. With a gain of more than $100 billion in market cap, the total crypto capital now stands at $1.88 trillion with 11.09% gains in just 24 hours. Especially, Bitcoin and Ethereum surged by 11.10% and 10.87% round the clock.
As Coinpedia reported earlier, Bitcoin price has managed to break $40k this weekend amidst $730 million options expiry. Currently, the price is even looking stronger to make its move toward $50k to make it as a weekly close.
Could $50k Be The Weekly Close For BTC Price Action!
Bitcoin price has seen incredible gains over the past 36 hours and is likely to explode up to $50k by the end of this week. Bitcoin’s positive versus negative commentary hits the highest ratio since late October as Euphoria awakens.
According to the recent report of Santiment, the discussion rate of the word “pump” has skyrocketed on crypto social circles has hit a 3-month high, whilst BTC has concluded another weekend rally to rebound to $41.6k. The minimal interest by the crowd previously hinted at the superlative reversal of the bottoms and it happened.
Currently, with 10.98% gains over the week, the most dominant asset is trading at $41.335k. However, if retailers continue their bets the price is likely to quickly surpass the overhead barriers of $42.8k and $47k to confirm the weekly close at $50k.
Collectively, the Bitcoin price is optimistic of the prolonged bullish cycle. As the macro outlook holds good, the flagship asset is likely to reach new ATH by Q1. Currently, the technical indicator RSI is still hovering at the strong buy zone giving traders an opportunity.
Source: https://coinpedia.org/bitcoin/bitcoin-price-rally-seems-to-be-trying-for-50k-weekly-close-will-it-make-or-break/