Can Bitcoin Top $50K Once Again After Reclaiming $49K in this Market Recovery?

After a five-week protracted sell-off, crypto markets are beginning to recover, with Bitcoin experiencing its biggest price jump since its ATH in November.

After a five-week protracted sell-off, crypto markets are beginning to recover, with Bitcoin experiencing its biggest price jump since its ATH in November.

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Over the last 48 hours, Bitcoin has gained by more than 7%, as major markets recover. The rally saw Bitcoin form a base at above the $46,500 level before rallying all the way to an inter-day high of $49,876.32.

The five day price chart for Bitcoin (BTC). Source: Tradingview

After hitting its interday high, at above $49.8k, Bitcoin has consolidated at the $48,700 level. Now trading at $48,691 as of this writing, Bitcoin has a market cap of $918.95 billion.

Is $50K Possible?

With Bitcoin reforming a support level near $48,750 while trading above $49,200, the crypto is showing a lot of positive signs. Additionally, Bitcoin’s current price puts it above the 76.4% Fib retracement level.

In the short term, Bitcoin is trying to break above the $49,600 level before then testing the next key resistance level at $50,000. Additionally Bitcoin looks set to retest $50k in the coming hours with sustained bullish momentum.

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On the inverse, should Bitcoin fail to clear the $50,000 resistance zone, its major support will sit near $49,000 before looking towards the $48,500 support. As it currently stands, an upswing looks to be the more likely outcome for Bitcoin.

On the Flipside

Why You Should Care

Bitcoin continues to show its ability to recover from major downswings, and ex-Twitter CEO, Jack Dorsey, believes it will help the asset replace the U.S. Dollar in the future.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia