Highlights
Bitcoin is up from Around $28,000 to Around $49,560 and is Heading towards the major resistance at $50,000
Bitcoin continues the upward movement for the 5th consecutive week since November, 2020
Market Sentiments and Analysis shows Bitcoin could break $50,000 resistance leading towards $56,000
Bitcoin, top 1 cryptocurrency continues to rally for the 5th week in a row, while bitcoin dominance decrease from 46.5% to hitting 43.1% in a span of 2 weeks which the price continues to increase. Meanwhile Bitcoin fear and greed index currently at 78 which represents ‘Extreme Greed’ as per the indicator.
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![](https://i0.wp.com/cryptonks.com/wp-content/uploads/2021/08/image-1.png?resize=696%2C317&ssl=1)
Technical analysis shows Next bitcoin major resistance is $50,000- $51,000 then $55,000 – $56,000 And Next major support is at around $45,000-$44,500 then $40,000- $41,000. RSI is Hitting the Oversold area Currently at 69.78
Market reaction to Bitcoin Hitting $50,000 resistance is yet to be seen.