The price of Bitcoin dipped after touching highs at $50,505 on August 23rd. Analysts note that Bitcoin (BTC) is currently facing a crucial resistance to breaking through around the psychological area between $50,000 and $51,000 which can be classified as the final hurdle before a new all-time high.
Bitcoin bulls had ignored the news of MicroStrategy’s recent BTC purchase. According to a Tuesday filing with the U.S. Securities and Exchange Commission, Business analytics software provider MicroStrategy spent about $177 million on its latest BTC purchase, at an average price of approximately $45,294 per coin. In total, the firm holds 108,992 BTC, according to a tweet from CEO Michael Saylor.
Bitcoin’s selling pressure trickled into the Altcoin market, with nearly all tokens in the top 100 still trading in red as of press time. However, tokens such as Revain (REV, +22.11%), Horizen (ZEN, +10.94%), Quant (QNT, +7.06%), Reserve Rights (RSR, +15.13%), MyNeighborAlice (ALICE, +32.48%), Alpha Finance Lab (ALPHA, +15.97%), Constellation (DAG, +10.94%), Gnosis (GNO, +17.84%), Coin98 (C98, +71.84%), Mask Network (MASK, +55.27%), Automata Network (ATA, +48.79%), MOBOX (MBOX, +77.14%) were notably up in the last 24 hours.
MOBOX, the BSC NFT farming game, has seen a significant uptick in unique active wallets following MOBOX’s official introduction to Binance Launchpool. On August 25, MBOX rose from lows of $4.032 to reach highs of $7.808, rallying nearly 93%.
MyNeighborAlice’s (ALICE) price is buoyed by a new exchange listing, trading to highs of $22.82 today. On Aug 25, FTX announced it had listed ALICE spot and perpetual futures.
The Coin98 exchange describes itself as a multi-chain liquidity aggregator that supports assets across a variety of blockchain. Coin98 also has a wallet amongst its offerings, which supports multiple networks on both its mobile and desktop platforms. Coin98 (C98) has marked the sixth consecutive day in the green since Aug. 20, eventually reaching highs of $6.57 today.
Mask Network (MASK) is a protocol that allows its users to send encrypted messages over Twitter and Facebook. Mask has ticked higher since Aug.22, marking each day in the green with today’s gains being the largest. Crypto.com Exchange had announced listing MASK on Aug. 24.
BTC/USD Daily ChartAt press time, Bitcoin traded at $48,375, down 1.10%. The cryptocurrency market was also seen to be recouping losses.
$2 billion worth of Bitcoin (BTC) options will expire on Friday, Aug. 27. Some analysts argue that a strong call (buy) option buying activity a day earlier was likely the catalyst for the recent $50,000 price test on August 23. This time, derivatives data seem to be tilting towards the bull’s side ahead of Friday’s $2-billion BTC options expiry.
Cryptoanalyst, Michael van de Poppe believes $48,000 remains a crucial level to sustain the market’s upward trajectory. If the area at $48,000 doesn’t grant support, Bitcoin’s price will fall back into its previous range which had ample support at the $44,000 area.
Cryptotrader and analyst Rekt Capital states that the current behavior had plenty of historical contexts — Bitcoin’s first trip above $50,000 in February had also involved a focus on the $48,000–$49,000 area. “BTC is still retesting this area in an uptrend, just like it did on those two occasions earlier this year,”
Most analysts take the $50,000 and $51,000 levels as the final hurdle before Bitcoin marches on to a new all-time high.
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