BTC Price Returns To $ 50,000 As Bitcoin Bears Lose $ 450 Million In Daily Clearances

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Bitcoin (BTC) quickly recovered $ 50,000 on September 2 as the bears felt maximum pain and lost hundreds of millions of dollars.

1 hour BTC / USD candle chart (Bitstamp). Source: TradingViewBitcoin Triggers New Bear Bloodbath

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD suddenly crossed the $ 50,000 mark to hit its highest level since August 23.

After a night of bullish action, the pair left behind its lower trading range of recent weeks, with volatility still significant at the time of writing. Local highs topped $ 50,300 on Bitstamp.

As Cointelegraph reported, $ 51,000 remains the level to beat to cement the continuation of the 2021 Bitcoin bull run.

Strong resistance remained at that level on Thursday as analysts waited to see if the latest hike had the momentum needed to change the paradigm in the longer term.

BTC / USD (Binance) buy and sell positions as of September 2. Source: Material Indicators / Twitter

Bitcoin facing the last hurdle before $ 57,000, tweeted Cointelegraph associate analyst Michal van de Poppe in his latest update.

Welcome to $ 50,000 BTC, added fellow analyst Rekt Capital.

Short traders lost heavily to the upside, with closeouts reaching nearly half a billion dollars in the past 24 hours.

BTC / USD liquidation chart. Source: Bybt Not so boring after all

As Cointelegraph noted, September tends to be a “boring” month when it comes to Bitcoin returns, with 6% currently being the best performance on record.

Related: ADA Price Hits $ 3 For First Time As Cardano, Ethereum Lead Crypto’s ‘Super Bull Cycle’

The price forecast takes the anomaly into account, with the popular “worst case scenario” series from stock-flow model creator PlanB calling for a minimum monthly close of $ 43,000.

Will August actually close at over $ 47,000? These are worst case / floor estimates, so don’t worry for September> $ 43,000, my base case prediction is based on S2F: $ 100,000. I use the ground stuff for options. pic.twitter.com/HGXa5MMqH0

– PlanB (@ 100trillionUSD) August 31, 2021

The statistician’s August monthly closing forecast of $ 47,000 was right on target. October, he calculates, is expected to close at a low of $ 68,000, a new all-time high.

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