Bitcoin price failed to break critical $50,000 psychological barrier, ETH may be ready for $4,000
Bitcoin price is struggling to break above $50,000, but analysts remain confident due to on-chain solid metrics. Some believe that investors have been accumulating Bitcoin, and a break above $50,000 could result in a quick up-move to $60,000. At the time of writing, BTC is changing hands at $49,726.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price continues to press higher within its range
Bitcoin price has failed to break the key psychological $50,000 barrier since August 23 and has since retested the $47,000 support. If historical data plays any role in Bitcoin price, September shows negative performance in four years.
Investors seemed ready to go on the day, with reserves on major exchange Coinbase at their lowest levels since December 2017 — 700,000 BTC — and almost $20 billion in stablecoins sitting across centralized trading platforms ready for conversion.
“After a period of moderate BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins,” Glassnode commented.
Source: Glassnode
The most important test right now will be the $50,000 level as the bulls have significant momentum to remove any selling pressure.
Meanwhile, elsewhere, ETH’s break above $3,500 could be a leading indicator for Bitcoin’s next bull run, and Ether is currently trading at $3,700; traders The epidemic is eagerly waiting for the next move of BTC.
“Ethereum has hit $3,787, its highest value since May 14th. The amount of unique coins being circulated on the ETH network translates well to future price movement. This is the third day with over 1.0m ETH moved after 1.6m was hit twice last week”, Santiment tweeted.
Source: Santiment
From a technical perspective, unlike bitcoin, ether has broken out of a month-long consolidation phase and is poised to reach an all-time high near $4,000. Further, upside momentum has improved over the past week, given the earlier breakout above $3,000. ETH is entering the overbought territory, albeit less extreme compared with the beginning of August.
Following the rally of ETH, the altcoin market also grew rapidly. ETH leads top 10 CoinMarketCap with a 10% increase in the last 24 hours. Additionally, DOGE is also up 10% on the day, trading at $0.3. The following two dominant players are Cardano (ADA) and Binance Coin (BNB), up 8% on the day.
The overall cryptocurrency market cap now stands at $2.222 trillion, and the Bitcoin Dominance rate is 42%.
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