Bitcoin Price Analysis

Bitcoin price analysis; Why did Bitcoin reach its 4-month high?


Yesterday, the price of Bitcoin reached close to $ 51,000 and was able to reach its 4-month high. Buyers now seem to be determined to break the key $ 51,000 resistance.

to the Report At yesterday, the price of Bitcoin reached its highest level of $ 50,967. This is the highest price that Bitcoin has reached since May 16 (May 26).

Bitcoin price analysis;  Why did Bitcoin reach its 4-month high?
Bitcoin Price Chart (1-Day Bitcoin / Dollar Market View)

Buyers now seem to be determined to overcome the key resistance of $ 51,000; A level that has often been cited as the last hurdle for Bitcoin to continue its uptrend.

Bitcoin is trading at its highest price in 4 months, which has performed better than other currencies in the market.

Ethereum, the market’s second-largest digital currency, crossed the $ 4,000 mark for the first time since May and is currently trading at around $ 3,900. It is worth mentioning that the publication of the news related to the investigation of the US Stock Exchange Commission from the decentralized exchange office of Uniswap (Uniswap), has not affected the upward trend of Ethereum so far.

The Ether / Bitcoin exchange rate, in which the value of Ethereum against Bitcoin is measured, has grown by more than 18% in just 4 days, and the Bitcoin dominance rate is on the verge of falling below 40%.

Bitcoin price analysis;  Why did Bitcoin reach its 4-month high?
Ethereum vs. Bitcoin Price Chart (1-Day View of Ether / Bitcoin Market)

The recent jump in bitcoin prices came after the US Department of Labor announced on Friday that employers had created only 235,000 new jobs so far. This disappointing figure, well below the projected 725,000 jobs, indicates that the US Federal Reserve does not intend to back down from its broad economic support program.

The slowdown in the economic cycle means a reduction in quantitative easing, which is seen as a widespread threat to rising commodity prices, an issue that is unlikely to be an option for the Federal Reserve any time soon. Quantitative easing is the process by which the central bank buys securities with the aim of mobilizing the market.

In addition to bitcoin, gold and silver are traded at higher prices, while the dollar index is under severe pressure.

Scott Melker, a well-known digital currency trader, said that Bitcoin has managed to cross the uptrend of a rising flag.

Bitcoin price analysis;  Why did Bitcoin reach its 4-month high?
Bitcoin Price Chart (Malker Analysis of the 4-Hour Bitcoin / Dollar Market View)

Such patterns usually indicate the continuation of the upward trend in prices, and this is exactly what we are witnessing at the time of writing this report.

In addition, Bitcoin was able to test the key support of $ 48,300 once again during the recent price drop.

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