Monday, April 12, 2021
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Bitcoin is Getting Close to USD 50K

The price of bitcoin has increased by more than 5%, and it has also tested the USD 50,000 resistance mark. Ethereum rose by 10% and reached USD 1,600.

The price of bitcoin began to climb gradually above USD 45,000, finally reaching USD 48,000. BTC has tested the USD 50,000 resistance and is consolidating gains by now.  If the bulls gain momentum over the USD 50,000 resistance, the price will begin to increase.

Moreover, the majority of big altcoins have seen a notable increase. ETH tested the USD 1,600 zone after breaking the USD 1,500 resistance.

Bitcoin price continued its recovery above the USD 49,000 and USD 49,500 levels following a successful break above USD 48,000. BTC also reached USD 50,000 before starting to consolidate gains. The price is trending upwards, and the bulls seem to be looking for a break above the USD 51,000 and USD 52,000 resistance levels.

On the downside, a first level of support can be located around USD 49,000. The first big support is around USD 48,000, below which the price may restart its downward trend.

The price of Ethereum increased after a positive close above the USD 1,500 resistance mark. ETH smashed through the USD 1,550 barrier and also exceeded the USD 1,600 barrier. The latest market action shows that more increases are likely above USD 1,600 and USD 1,620. Near the USD 1,700 mark, the next big resistance occurs.

According to cryptonews.com, if there is no break above USD 1,600, the price may fall back to support levels of USD 1,520 and USD 1,500.

Above the USD 245 and USD 250 stages, Binance Coin (BNB) is showing signs of power. The bulls can attempt a break above USD 265 if they can break through immediate resistance near USD 255. Near USD 232, the main support is forming.

Cardano (ADA) is correcting gains after reaching a high of USD 0.130. ADA is reportedly attempting to break into the USD 1.220 support level. USD 1.200 is the main support standard. Any more losses could lead to a test of USD 1.080. On the other hand, the price could break through USD 1.300 and begin a new upward trend.

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