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- Bitcoin seems set to cross the benchmark level of $50k
- Several found betting bearish over further uptrend of the coin
- The movement had proven the staying power of elevated levels with even meager volume declining to incite the slide
- Traders’ behavior indicates a lower level returnings
- Analysts observed over-the-positive funding rates across trading platforms
Bitcoin has gained mainstream attention amid the global COVID-19 pandemic. The cryptocurrency established in 2009 has attracted many with its tremendous price performance. However, due to environmental concerns of its mining operations and the Chinese crackdown the digital coin had to face a severe downtrend. Although BTC lost more than 50% of its value during the mid-May crash, we have observed some signs of improvement. The market seems ready to attack the $50k price level. Still several are found betting bearish on further upside trends.
Bitcoin bounds close to $50k this weekend
Following the one-hour candle chart on TradingView, it is observed that concerns over a bearish downturn made a timely reappearance. Hence it is considered by analysts that Bitcoin seems to get close to attack the $50k mark.
Bearish signs accompany the rally
This weekend Bitcoin had hit an all-time high of $49,830, as per TradingView data. The achievement remained a three months high record. The movement had proven the staying power of elevated levels with even meager volume declining to incite the slide. Following the movements, Rekt Capital, grader, and analyst in the cryptosphere summarized that so far it seems good for the coin designed by Satoshi Nakamoto.
Over-the-positive funding rates across trading platforms
Furthermore, like $50k loomed, traders began to concern regarding the overall strength of the cryptocurrency market. According to resource Material Indicators, traders’ behavior indicates a lower level returnings. Notably, one future trade involved a level near $32k to $34k for the August and September end of month settlements respectively. Furthermore, still, there are several $50,000 puts, which suggests we get rejected in the scenario.
According to the Bitcoin funding rates chart by bybit, analysts observed over-the-positive funding rates across trading platforms. Notably, such a perspective naturally grates with the overall consensus among analysts.
Above $50k could pave the way to new ATH
John Wick, a popular trader on Twitter, has been observed to be optimistic. In a shared post he noted that so far Bitcoin can pass the $50,000 area of resistance. If so, then we can expect a new all-time high this year.
