The largest crypto by market dominance returned to $50K today after struggling for around 100 days.
As the cryptocurrency market extends its moves to break from the spring crash and summer plummets, BTC returned to the $50,000 level on Sunday evening sessions.
The recent market positivity had the world’s favorite crypto hitting $50,000, a critical price milestone. While publishing this content, BTC is high at 2.65% over the past 24 hours, 5.6% up in seven days, and 55% since last month (CoinGecko data).
The last time BTC enjoyed the $50,000 mark was in May. After Elon Musk declared that his company would no longer deal with BTC payments, citing pollution concerns. Such news and China’s crackdown dealt a blow on the leading crypto.
Musk’s U-turn surprised most investors since Tesla firm had purchased BTC worth $1.5 billion three months before. The investment had most retail and institutional investors gaining confidence.
China’s regulators extended the market turmoil. The nation clamped down BTC trading and mining activities, contributing to the crash. The crackdown forced miners to seek alternative regions.
Meanwhile, the broad market followed Bitcoin’s movements. All top digital coins faced plummets after the bearish news.
BTC lost over half of its total value, plunging beneath $30K several times over the past months. However, the asset recovered the losses gradually, encouraging investors and other digital coins to target higher levels.
Keep in mind that most analysts considered the $50K mark a psychological zone for price success. Breaching the level opens the path for high explorations, the $55K or $60K levels.
When Bitcoin falls beneath 50K on 23 April, crypto exchange Kraken’s analysts told Decrypt that the platform recorded substantial selling by traders.
Keep in mind that the plunge coincided with Biden’s proposal to increase the US capital gain tax. During that time, Kraken’s Australia director stated that the psychological and technical level at $50K is relevant in Bitcoin’s future moves.
Remember, some analysts have predicted extended rallies for BTC if it breaks the $50K mark. What are your views on that? Should we expect higher highs from now?
Is Bitcoin targeting $100,000?