With the price of Bitcoin briefly tapping the key level of $50,000, the market for crypto was in splendid spirits on the 2nd of September. This move on top of the key resistance level arrived as the insiders of the industry hinted at institutional investors and major companies looking to book major purchases of the cryptocurrency which would soon be disclosed in documents. There was also additional news of a bullish nature that came after it was announced by Vast Bank that it had transformed into the first U.S. Bank which would allow its customers to sell, buy, and hold BTC directly in their checking accounts.
Bitcoin Finally Broke Out Of Resistance
This recent move by Bitcoin did manage to get through the bottom trendline of the ascending channel. According to Rekt Capital, which is a pseudonymous crypto analyst on social media, the cryptocurrency needs to go against the key level of $51k in order to understand the market as to whether it would support a level of $50,000 or not. It was also warned by the crypto analyst that the cryptocurrency needed to be on the lookout for a retest of the support line which would inevitably see the drop in price to a low value like $48,500.
Crypto Chase also provided further insight into the price action of Bitcoin, which has been looking at a price level of $56,000– perceived as a signal to go long. Although the trader didn’t highlight the scenario which would be the most plausible one to be developed, he did point towards a resistance/support flip of the zone that was highlighted, stating that it would play a major role in determining the trend direction.
Michael van de Poppe, the famous Cointelegraph contributor, has also suggested that Bitcoin did need to secure a close above the key level of $51,000 which would allow it to see continuation.