Bitcoin price breaks above $50k as investors eye more gains

One expert is predicting the adjacent absorption could beryllium astir $55k, with a imaginable breakout if BTC terms achieves a regular adjacent supra $49,170

Bitcoin terms has surged supra $50,000 successful Monday greeting deals arsenic bulls people further upside that could spot the benchmark cryptocurrency scope the highest regular adjacent since 11 May.

The starring cryptocurrency by marketplace headdress has added astir 2.2% to its worth successful the past 24 hours, edging to intraday highs of $50,505 connected large US speech Coinbase. Overall, information connected CoinGecko shows the BTC/USD brace has nudged to highs of $50,270 connected astir large exchanges.

At clip of writing, the flagship cryptocurrency is trading astir $50,252 connected large planetary exchanges. The existent terms level means Bitcoin's worth has jumped astir 7% this past week, and implicit 50% since 23 July.

Today's upward enactment comes connected the backmost of affirmative quality from online payments elephantine PayPal, which has announced an enlargement of its crypto services. According to the company, users successful the UK tin present buy, store oregon transportation apical cryptocurrencies straight from their PayPal accounts.

Today, we are announcing the motorboat of a caller work that volition alteration eligible customers successful the UK to buy, clasp and merchantability #Cryptocurrency straight from their PayPal account. Terms apply. pic.twitter.com/RG5xoqlHmr

— PayPal UK (@PayPalUK) August 23, 2021

The work had initially lone been disposable to the firm's US customers, with the enlargement acceptable to marque it adjacent easier for much radical to usage Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).

Bitcoin terms outlook 

BTC/USD regular chart. Source: TradingView

The breakout supra the $50,000 level for BTC/USD has travel pursuing respective bounces disconnected enactment astir $43,800. It besides sees Bitcoin interruption retired of a range-bound portion astatine $43,000 to $48,800, the country of aggregate rejections that has punctuated the upside from lows of $29,300 reached connected 20 July.

According to 1 analyst, BTC terms is apt to widen to the adjacent absorption portion astir $55,000. This outlook is supported by the RSI lodged supra 60 and the MACD that remains wrong the affirmative portion and is opening to emergence aft a bullish crossover.

Now that #Bitcoin has moved past $50,000, the IOMAP shows the adjacent absorption country sits astatine $55,500 wherever 780K addresses bought implicit 346K $BTC.

As agelong arsenic the $49,170 request obstruction holds, #BTC mightiness beryllium capable to beforehand further. pic.twitter.com/Ce3vQuLXC3

— Ali Martinez (@ali_charts) August 23, 2021

Another expert has identified the adjacent absorption portion arsenic being successful the $52,000 to $60,000 region. While bulls mightiness trial the precocious ranges, the expert warns that the portion is apt to supply a correction.

As we attack cardinal absorption betwixt 52-60k, it is clip to beryllium cautious. While it's imaginable we interruption through, this portion is the MOST LIKELY spot to spot a correction if we are going to get one. Also, backing has flipped affirmative for the 1st clip since our 28k bottom. $BTC https://t.co/LnBHTT5Fcy pic.twitter.com/Po3Rg15hYa

— CrediBULL Crypto (@CredibleCrypto) August 23, 2021

Bitcoin terms could frankincense ascent towards $55,000 to $60,000, but a imaginable diminution towards $49,395 and $48,054 stay if bulls conflict astir $50,500.