Bitcoin is nearing the key $50,000 level as it continues to rise out of a multi-month period of weakness.<\/p>\n
The largest cryptocurrency reached as high as $49,704, the highest since May 16, midday Saturday in New York.<\/p>\n
Its rally is overcoming\u00a0a rare confluence\u00a0of technical obstacles, including an April low of about $47,000 and a Fibonacci and Ichimoku cluster between $47,000 and $48,000.<\/p>\n
The 61.8% Fibonacci retracement of the April to June downtrend \u2014 at $51,000 \u2014 still looms as a potential obstacle, along with the round-number $50,000 mark.<\/p>\n
\u201cThe next major resistance, for now, is at the $50,000 zone,\u201d said Konstantin Anissimov, executive director at CEX.IO crypto exchange.<\/p>\n
\u201cThe recent price rally is not indicative of a massive jump yet, however, should more buyers dive in to push the price above the $50,000 level, a frenzy may be ushered in to steer the price toward a medium-term target of $55,000.\u201d<\/p>\n
Bitcoin has recovered after trading in a range of about $30,000 to $40,000 for many weeks, after it plunged from a record near $65,000 in mid-April.<\/p>\n
Still, it\u2019s up significantly in the past year amid institutional adoption and endorsements from big names like Paul Tudor Jones and Stan Druckenmiller.<\/p>\n
Global crypto adoption\u00a0has risen\u00a0some 881% in the past 12 months, according to Chainalysis.<\/p>\n
Bitcoin is nearing the key $50,000 level as it continues to rise out of a multi-month period of weakness.<\/p>\n","protected":false},"author":341034,"featured_media":383268,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187],"class_list":["post-410670","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/410670"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=410670"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/410670\/revisions"}],"predecessor-version":[{"id":410682,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/410670\/revisions\/410682"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/383268"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=410670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=410670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=410670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}