Bitcoin Attacks Last Resistance Before $ 50,000 With BTC Price Daily Close Now Crucial

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Bitcoin (BTC) hit new multi-month highs later on August 20, as a prolonged rebound gripped the crypto markets.

1-day candle chart BTC / USD (Bitstamp). Source: TradingViewDaily ‘most important’ close for Bitcoin

Data from Cointelegraph Markets Pro and TradingView confirmed that BTC / USD hit its highest level since mid-May on Friday

After daily gains of nearly 7%, Bitcoin saw a sudden surge to hit $ 48,630 on Bitstamp at the time of writing, with bullish momentum still in action.

The move meant the biggest cryptocurrency made its best shot on a large selling wall that had been in place for much of August. Beyond that, little is against the hike beyond $ 50,000, Cointelegraph reported.

“The daily close is the most important now,” trader and analyst Rekt Capital tweeted in comments on the latest price action.

He added that the daily close would also determine a breakout of an ascending wedge construction that has characterized Bitcoin over the past two weeks.

A look at the buy and sell levels on the main Binance exchange highlighted the waning power of the sell wall, which was previously much denser and formed a solid barrier between the spot price and $ 50,000.

BTC / USD (Binance) buy and sell levels as of August 20. Source: Material Indicators / TwitterEthereum sees ‘phenomenal’ buying activity

Meanwhile, it was difficult to find a single bear in the house on Friday, as sentiment strongly favored a rally to the $ 50,000 mark.

Related: interest less than zero? GBTC hits biggest discount since Bitcoin price crash in May

As Cointelegraph reported, on-chain fundamentals and metrics favor the further upside for Bitcoin, much echoing the late 2020 scenario, just before the main phase of the current bull run sets in.

Bitcoin feels like it could skyrocket to $ 50,000.

– Dan Held (@danheld) August 20, 2021

Altcoins also benefited from positivity, with Cardano (ADA) still outperforming the top ten with daily gains of 20%.

Ether (ETH), which was trading below $ 3,000 earlier in the week, more than made up for the lost ground, targeting $ 3,300 at the time of writing.

“Phenomenal buying pressure on ETH from weekly low,” noted Rekt Capital.

“ETH has returned to the same resistance it was rejected earlier this week.” ETH / USD 1 day candle chart (Bitstamp). Source: TradingView

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