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Bitcoin’s Latest Shot at Breaking $50K Barrier Buoyed by BNY Mellon Entry

Bitcoin's Latest Shot at Breaking $50K Barrier Buoyed by BNY Mellon Entry

The world’s largest cryptocurrency by market cap took another aim at breaking the psychological $50,000 resistance level.

On Thursday, Bitcoin soared past the $48,000 resistance level get a new ATH of $48,425. Today’s move was buoyed by an announcement by BNY Mellon, U.S’s oldest custodian bank, that it will launch a cryptocurrency-focused unit later this year.

BNY Mellon’s entry follow Monday’s news that Tesla has added bitcoin (BTC) on their balance sheet and will soon start accepting bitcoin as a payment option for its products.

Will these significant development boost bitcoin for a final attempt to flip the $50,000 resistance level?

BTC above $47k shows that there are more support levels for the coin.  Of all these supports, the $46k is the weakest and flips over small bearish actions.

The $45k support level is short term as it will break if the same seller congestion witnessed at $46k continues. The only long term support that will flip only under extreme bearish actions is the $42,000 resistance, which turned support a week ago.

However, most traders are still bullish and a break above the $50k resistance level as shown by the ratio of long and short positions on derivative exchanges.

At this point, breaking the $50,000 resistance will just take a little more push, and is relatively easier to achieve than any downtrend. As more companies and whales continue to buy bitcoin and increase the scarcity, the $50k resistance will flip and push bitcoin into entirely new territory.

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