Bitcoin’s (BTC) price has now managed to register a new 2-month high of $43,901 after the crypto broke past the major resistance of $40,000. The biggest crypto has now managed to alter its long-term resistance into key on-chain support and now seems set to break the $45K level next. BTC is currently trading above $45,500 up by more than 7% and seems well-positioned to test the $50K resistance in the coming days.
For now, the next significant resistance for Bitcoin lies at $45K and if it continues with its bullish momentum, the resistance might eventually turn into support, with $50K becoming imminent. The top crypto broke out of the nearly 3-month-long price sleep dominated by the bears. It registered 10 consecutive daily green candles for the first time in around four years.
BTC is now breaking out of a 2-month-long range for the second time in a month and a clear break might make the path to $50K easier.
— Luke Martin (@VentureCoinist) August 6, 2021
In the peak of the market sell-off when Bitcoin seemed fragile dropping below $29K on several occasions, most of the mainstream pundits said that the bull season was over.
But, the bitcoin proponents maintained the entire time that the biggest crypto would bounce back from the bearish trend and they appear right based on the current price trends.
Bitcoin Is Moving Away From Exchanges
As the prices of bitcoin continue to surge, the amount of Bitcoin supply that is held on various crypto exchanges has been on a decline. A considerable chunk of the bitcoin held on exchanges was moved once more in the past week. This movement of bitcoin supply away from active exchanges is now considered bullish as the traders often move their funds to Hodl in anticipation of a price surge.
The top crypto’s market cap also exploded above $800 billion and the crypto general market cap increased to $1.76 trillion in the latest market surge.
Bitcoin Shows Inverse Relation To Gold
The bitcoin price momentum against gold had an inverse relationship where the price of BTC mainly gained all through the week, while gold registered a downside momentum. Bitcoin and gold are normally pitted against one another in the store of value race, and bitcoin seems to be winning currently in terms of return on investment (ROI).
📈 #Bitcoin and 📉 #gold investors saw very opposite price performances to close out the trading week. $BTC surged to above $43k, as gold has swung downward, seeing its biggest decline since mid-June. The two are very much behaving inverse to one another. https://t.co/nA8nGnXMOr pic.twitter.com/Fpc5Xn6p6S
— Santiment (@santimentfeed) August 7, 2021