BTC Price Analysis: Break Past $50K May Uphold Surge to All-Time Highs As PayPal Crypto News Boosts Market Sentiment

• BTC seems to have gained a solid foothold above the $45,000 confluence zone
• The no. 1 crypto recorded an assault with a break past $50k
• Market sentiment is buoyed by PayPal’s news that U.K. clients will be able to make crypto transactions

Bitcoin successfully resists the over 100 days’ bearish bias by gaining strength and making rare attempts back to cherished heights. Early Monday morning in London trading, the no. 1 crypto recorded an assault with a break past $50k. The total crypto market capitalization has increased over the past week from $1.957 trillion to over $2.160 trillion. The ultimate goal of the bulls is to uphold the surge to all-time highs recorded in April 2021 sustaining its advance above the moving average (MA 200). Although the ongoing recovery looks fragile, BTC seems to have gained a solid foothold above the $45,000 confluence zone. At the time of writing this analysis, the price of BTC/USD is $50,400 after reaching an intraday high of $50,455. For the time being, Bitcoin and other crypto-assets are carving out a larger trading range as market sentiment is buoyed by PayPal’s news that U.K. clients will be able to make crypto transactions. It’s the first time PayPal’s crypto service is made available outside of the United States, indicating the industry is gaining traction.

Key Levels
Resistance Levels: $57,000, $55,000, $53,000
Support Levels: $50,000, $48,000, $45,000

BTC/USD Daily Chart: Ranging

BTC/USD Daily Chart

As interest in cryptocurrencies grew over the weekend, the BTC/USD pair breached the $50,000 mark. The price of the pair trades above both the moving averages (MA 50 & MA 200). It has also migrated towards the ascending channel’s upper side. Its Relative Strength Index (RSI) on the daily chart has been trending upwards. As a result, the pair is likely to continue gaining further if bulls drive it past an intraday high of $50,455.

At this time, BTC/USD is extending its gains since mid-May 2021. Today’s close above $50,000 will generate a further bullish signal and open the way for an expansion towards $64,899 (All time high Apr 2021). Although overbought daily studies warn that bulls may lose traction and enter consolidation/correction with more significant obstacles at $51,300, $53,000, and $55,000 before resuming. Immediate downside support is at $48,100.

BTC/USD 4-Hour Chart: Bullish

BTC/USD 4-Hour Chart

On the lower time frame, BTC/USD continues to hover above its horizontal barrier turned support at $50,000. The price might retrace towards the barrier and make a possible bounce in the zone supported by historical buying. The overall trend on the 4-hour is bullish as the price remains in the upper channel. If resistance at $51,300 holds, we may witness rejections between $50,000 and $48,100 and the market may rise.

If this unfolds, the goals are $53,000, $55,000, and $57,000. This could be an excellent swing trade potential, but it will need time to evolve. If all other factors remain constant, bullish traders will likely continue to push the exchange rate higher throughout the next trading session. Unless the channel pattern persists, the no.1 crypto might retrace towards $48,100 in this session.

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