Bitcoin explodes higher and returns to $ 50,000, could reach $ 55,000
The price of Bitcoin recovers beyond the $ 40,000 value area and returns to the highly anticipated 50,000 zone. Momentum remains strong as the market continues to see hot money inflows into Bitcoin and altcoins alike. The 2021 market profile narrows considerably between $ 50,400 and $ 55,000, indicating that a relatively rapid move towards 55,000 is likely if the momentum continues.
Buyers should be aware that there is a hidden bearish divergence between the price of Bitcoin and the composite index, warning that the current move may end. It is essential that buyers push BTC above the September 7 high of $ 52,888 to negate any bearish divergence.
BTC / USD Daily Chart
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