Bitcoin attacks the last resistance before 50,000 USD, and the daily closing of BTC prices is now crucial

Bitcoin (Bitcoin) Climbed to a new multi-month high late on August 20, as the cryptocurrency market continued to rebound.

BTC/USD 1-day candlestick chart (Bitstamp). Source: TradingView

Bitcoin’s daily closing “most important”

Data from Cointelegraph Markets Pro and Transaction view Confirmed that BTC/USD reached its highest level since mid-May on Friday

After a daily rise of nearly 7%, Bitcoin suddenly soared to $48,630 on Bitstamp at the time of writing, where Bullish momentum Still in action.

This move means that the largest cryptocurrency has achieved its best results at an unprecedented rate Big selling wall It was implemented for most of August. According to Cointelegraph, apart from that, there is very little that can stop a rise of more than $50,000.

“The daily closing price is now the most important,” said trader and analyst Rekt Capital. Comment Regarding the latest price trends.

He added that the daily closing price will also determine whether to break the wedge structure that has been characteristic of Bitcoin for the past two weeks.

have a look Buy and sell levels On Binance, the main exchange, the power to sell the wall is waning. Previously, it was much denser and placed a solid barrier between the spot price and $50,000.

BTC/USD trading level (Binance) as of August 20. Source: Material Indicators/ Twitter

Ethereum sees “extraordinary” buyer activity

At the same time, it is difficult to find a bear in the house on Friday, as market sentiment firmly supports the recovery of the $50,000 mark.

related: Zero interest rate? GBTC hits biggest discount since Bitcoin price plummeted in May

As Cointelegraph Report, Fundamentals and on-chain indicators are conducive to the continued rise of Bitcoin. Many people have this situation at the end of 2020, which is before the beginning of the main phase of the current bull market.

Altcoins also benefited from Cardano’s enthusiasm (have) Still Outstanding performance The top ten has a daily increase of 20%.

Ether (Ethereum), the transaction price was lower than US$3,000 earlier this week, making up for the lost ground, and the target was US$3,300 at the time of writing.

“Huge buyer pressure on ETH from weekly highs,” Rekt Capital famous.

“ETH has returned to the same resistance that was rejected earlier this week.”

ETH/USD 1-day candlestick chart (Bitstamp). Source: TradingView