Bitcoin Faces Last Resistance Before $50,000; Today’s closing of BTC is key to bullish

Bitcoin (BTC) rose to new multi-month highs at the end of August 20, when a prolonged rally took hold in cryptocurrency markets.

BTC/USD Daily Chart (Bitstamp). Source: TradingView

‘Most important’ daily closure for Bitcoin

Data from Cointelegraph Markets Pro and TradingView confirmed that the BTC/USD reached its highest level since mid-May during Friday (20).

After daily gains of nearly 7%, Bitcoin saw a surge to hit $48,630 on Bitstamp at the time of writing, with upward momentum still in action.

The move meant that the biggest cryptocurrency landed its best hit on a large sales wall that was in effect for much of August. Furthermore, there are few obstacles in the way of earnings beyond $50,000, reported the Cointelegraph.

“The daily close is the most important right now,” said trader and analyst Rekt Capital, as part of the comments about the last price action.

He added that the daily close would also determine the rising wedge breakout that has characterized Bitcoin for the past two weeks.

An analysis of buy and sell levels on the main exchange, Binance highlighted the declining power of the sales wall, which was previously much denser and provided a firm barrier between the spot price and $50,000.

BTC/USD (Binance) buy and sell levels on August 20th. Source: Material Indicators/Twitter

Ethereum sees ‘phenomenal’ activity on the buyer’s side

Meanwhile, it was hard to find a single bear at home on Friday as sentiment was firmly in favor of rebounding from the $50,000 mark.

As reported by the Cointelegraph, fundamentals and on-chain metrics favor continued bullishness for Bitcoin, with many echoing the scenario in late 2020, just before the main phase of the current bull run takes place.

It looks like Bitcoin can hit $50,000.

– Dan Held (@danheld) August 20, 2021

Altcoins also benefited from the positivity, Cardano (ADA) still topping the top ten with daily gains of 20%.

Ether (ETH), which traded below $3,000 earlier in the week, more than made up for lost ground, targeting $3,300 at the time of writing.

“Phenomenal Buy-Side Pressure in $ETH of the Highest Weekly Low”, observed Rekt Capital.

“ETH has returned to the same resistance it was rejected from earlier this week.”

ETH/USD Daily Chart (Bitstamp). Source: TradingView

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