{"id":332211,"date":"2021-08-30T11:18:01","date_gmt":"2021-08-30T08:18:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/is-the-time-right-for-50k-btc-5-things-to-watch-in-bitcoin-this-week\/"},"modified":"2021-08-30T11:18:01","modified_gmt":"2021-08-30T08:18:01","slug":"is-the-time-right-for-50k-btc-5-things-to-watch-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/is-the-time-right-for-50k-btc-5-things-to-watch-in-bitcoin-this-week\/","title":{"rendered":"# Is the time right for $50K BTC? 5 things to watch in Bitcoin this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41437e79771\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41437e79771\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/is-the-time-right-for-50k-btc-5-things-to-watch-in-bitcoin-this-week\/#Dollar_comedown_as_stocks_set_for_even_higher_highs\" >Dollar comedown as stocks set for even higher highs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/is-the-time-right-for-50k-btc-5-things-to-watch-in-bitcoin-this-week\/#Resistance_keeps_Bitcoin_bulls_in_check\" >Resistance keeps Bitcoin bulls in check<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/is-the-time-right-for-50k-btc-5-things-to-watch-in-bitcoin-this-week\/#Hash_rate_retests_April_dip_zone\" >Hash rate retests April dip zone<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/is-the-time-right-for-50k-btc-5-things-to-watch-in-bitcoin-this-week\/#Sizing_up_the_chances_of_50000\" >Sizing up the chances of $50,000<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/is-the-time-right-for-50k-btc-5-things-to-watch-in-bitcoin-this-week\/#Eerie_calm_continues_for_sentiment\" >Eerie calm continues for sentiment<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Is the time right for $50K BTC? 5 things to watch in Bitcoin this week <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) is keeping everyone guessing this week as another Monday starts below $50,000.<\/p>\n<p>After rangebound movements over the weekend, bulls are still waiting for a decisive attack on the $50,000 mark \u2014 could it h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en now?<\/p>\n<p>Despite optimism from analysts, it seems that not even an \u201cuber dovish\u201d Federal Reserve has the fuel to push BTC\/USD above crucial resistance.<\/p>\n<p>Cointelegraph takes a look at five things which could still provide Bitcoin with new momentum.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Dollar_comedown_as_stocks_set_for_even_higher_highs\"><\/span>Dollar comedown as stocks set for even higher highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Stocks hit fresh all-time highs last week on the back of comments from Fed Chair Jerome Powell.<\/p>\n<p>Correspondingly, the strength of the U.S. dollar took a hit, and the U.S. dollar currency index (DXY) began a multi-day downtrend.<\/p>\n<p>Such conditions tend to be favorable for Bitcoin, and a lack of headwinds coming from the macro-environment could yet give bulls a helping hand.<\/p>\n<p>\u201cThere is little doubt Powell was dovish, relative to market pricing and positioning,\u201d one analyst <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloombergquint.com\/markets\/stocks-set-to-climb-on-powell-s-dovish-fed-stance-markets-wrap\">told<\/a> Bloomberg, echoing the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> feeling from Friday\u2019s speech.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/a234a86d-ccfe-4d44-834a-2364e33e4bde.png\"><figcaption style=\"text-align: center;\"><em>DXY 1-day candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Resistance_keeps_Bitcoin_bulls_in_check\"><\/span>Resistance keeps Bitcoin bulls in check<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Saturday and Sunday weren\u2019t exactly boring for Bitcoin traders \u2014 two run-ups above $49,000 gave them plenty of hope for the \u201cbig showdown\u201d against the $50,000 barrier.<\/p>\n<p>In the end, however, both attempts failed below $49,500, and BTC\/USD remained in a narrow range in the upper $40,000 zone.<\/p>\n<p>On Monday, the picture remains the same, with $47,000 now back on the table for support.<\/p>\n<p>\u201cBullish on Bitcoin above $51K, until then just noise,\u201d Cointelegraph Contributor Micha\u00ebl van de Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1432025355406168065\">summarized<\/a> as the weekend ended.<\/p>\n<p>In an uncertain environment, others are warning that buy-side strength may yet crumble in the short term to produce lower support retests.<\/p>\n<p>\u201cBTC is still trying to hold this red area as support, producing increasingly volatile downside wicks below it,\u201d trader and analyst Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1432071489893896203\">commented<\/a> on an updated daily chart. <\/p>\n<blockquote><p>\u201cThe downside has been bought up successfully thus far but this blue downtrending resistance continues to weigh down on price.\u201d<\/p><\/blockquote>\n<p>A look at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/MI_Algos\/status\/1432222485408272384\">buy and sell levels<\/a> on major exchange Binance Monday underscores the relative lack of support much above $40,000, while firm resistance is in place overhead. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/e92ec4d0-cbb6-415f-96d5-af04fa2c1727.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD buy and sell levels (Binance) as of Aug. 30. Source: Material Indicators\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Hash_rate_retests_April_dip_zone\"><\/span>Hash rate retests April dip zone<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It\u2019s a situation that could yet play out elsewhere in Bitcoin beyond spot price \u2014 fundamentals are also slowing their rapid growth.<\/p>\n<p>After an impressive 13.2% upward difficulty adjustment a week ago, Bitcoin is now looking at the next being all but flat \u2014 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/btc.com\/stats\/diff\">less than 1%<\/a> is currently estimated to be added.<\/p>\n<p>This may yet turn negative, marking a pause for thought among miners after a mass return to the network over recent weeks.<\/p>\n<p>Should difficulty nonetheless increase, however, it would seal the second run of four upward difficulty adjustments in a row for 2021.<\/p>\n<p>Correspondingly, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/miningpoolstats.stream\/bitcoin\">network hash rate<\/a> is also lingering at higher levels this week, approaching the 125 exahashes per second (EH\/s) mark.<\/p>\n<p>Hash rate has recovered <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/VailshireCap\/status\/1430554965639008265\">extremely well<\/a> since July, and is now just 40 EH\/s away from all-time highs, having added 4 EH\/s since last Monday.<\/p>\n<p>Investor and analyst Vince Prince further <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Vince_Prince_\/status\/1431915779767750670\/\">noted<\/a> that current levels echo the brief lows seen after April\u2019s all-time highs for BTC\/USD. Hash rate then bounced to hit all-time highs of its own before the China rout took hold.<\/p>\n<p>\u201cBitcoin&#8217;s hash rate is already back to the levels seen in November 2020,\u201d an even more optimistic Anthony Pompliano <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/APompliano\/status\/1429589128467845124\">added<\/a> last week. <\/p>\n<blockquote><p>\u201cIt wouldn&#8217;t surprise me to see a new hash rate all-time high by end of year.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/87415bf3-ed6e-492c-bc33-c048c10a7865.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin 7-day average hash rate chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Sizing_up_the_chances_of_50000\"><\/span>Sizing up the chances of $50,000<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>What are the odds that a $50,000 onslaught by bulls becomes the defining market feature this week?<\/p>\n<p>As Cointelegraph reported, the upcoming U.S. jobs data release on Friday may already seal the deadline for a BTC comeback.<\/p>\n<p>The ingredients to make it happen are already broadly in place \u2014 neutral funding rates across trading platforms and an increasing supply of stablecoins, this topping $19 billion.<\/p>\n<p>\u201cSince the surge of US$1.8 billion in a single day on August 24, the accumulated stablecoins on centralized exchanges have exceeded 19 billion for a week,\u201d on-chain analytics firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cryptoquant.com\/quicktake\/612c2fe49733862cda0b10d0-stablecoins-on-centralized-exchanges-have-exceeded-19-billion\">CryptoQuant<\/a> noted Monday citing data from CoinGecko.<\/p>\n<p>It added that trading volumes for major stablecoins have also increased, in the case of market leader Tether (USDT) by 28% in the past five days.<\/p>\n<p>Charles Edwards, founder at Capriole Investments, meanwhile noted that Bitcoin\u2019s decreasing dominance, now at 44%, is in itself a bull trigger-in-waiting.<\/p>\n<p>\u201cThis sidelined capital is like rocket fuel for when we start getting daily closes above $50K,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/caprioleio\/status\/1432109819633311753\">argued<\/a>. <\/p>\n<p>What could be the sticking point? For analyst William Clemente, low volumes remain an issue in the short term.<\/p>\n<p>\u201cIf anything has me concerned it&#8217;s this,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1432039596611751943\/\">summarized<\/a> alongside a comparative chart of volume throughout the 2020-21 bull run. <\/p>\n<blockquote><p>\u201cWhere is the demand?\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/a501aac2-ef56-4152-a29c-0cf0fd8e6001.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin volume chart. Source: William Clemente\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Eerie_calm_continues_for_sentiment\"><\/span>Eerie calm continues for sentiment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The idea that Bitcoin is facing its \u201cfinal hurdle\u201d before challenging all-time highs is arguably already visible in trader sentiment.<\/p>\n<p><strong><em>Related:\u00a0Top 5 cryptocurrencies to watch this week: BTC, ADA, LUNA, VET, XTZ<\/em><\/strong><\/p>\n<p>After BTC\/USD added 60% in weeks, sentiment likewise went from \u201cextreme fear\u201d to \u201cextreme greed\u201d \u2014 as per the Crypto Fear &amp; Greed Index.<\/p>\n<p>Now, as the pace of gains has slowed due to $50,000 resistance, so too has \u201cextreme\u201d feeling given way to a more moderate \u201cgreed\u201d rating on the Index.<\/p>\n<p>August has in fact been mostly stable for sentiment, which the Index has measured at between 70 and 80 for the past three weeks.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The last chance to buy Bitcoin under $50,000.<\/p>\n<p>ATH retests have a way of popping off and inducing massive FOMO and attention.<\/p>\n<p>\u2014 Alex Wice (@AWice) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/AWice\/status\/1432028899886600193?ref_src=twsrc%5Etfw\">August 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The ideal bull run combines solid price appreciation with steady sentiment increases \u2014 as history has shown, hitting the standard top zone of 95\/100 on Fear &amp; Greed too quickly coincides with a BTC price sell-off.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-08\/f1d113eb-fc00-45e1-babf-c740c1c6f98e.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Greed Index. Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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After rangebound movements over the weekend, bulls are still waiting for a decisive attack on the $50,000 mark \u2014 could it happen now? Despite&#8230;<\/p>\n","protected":false},"author":1,"featured_media":332212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDgvNTBkODkxMjAtZGUxMy00MjdhLWIwNjAtYjY5OWFkYmVmZTFkLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-332211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/332211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=332211"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/332211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/332212"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=332211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=332211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=332211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}