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Bitcoin Technicals: Why BTC price breaking $48K resistance is the key to new all-time highs

Published 08/11/2021, 10:36 AM
Updated 08/11/2021, 12:20 PM
Bitcoin Technicals: Why BTC price breaking $48K resistance is the key to new all-time highs
BTC/USD
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BTC/USD
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Bitcoin (BTC) and the crypto market have been accelerating heavily in recent weeks, as Bitcoin has surged by 60% from the July lows, while Ether (ETH) has been showing strength with a 90% rally as altcoins have been seeing massive gains across the board.

The sentiment has flipped heavily as well. Three weeks ago, the majority of the people were discussing a potential breakdown to $20,000, including the effects of a death cross. But now, a golden cross could happen on Bitcoin with a potential breakout above $48K certainly on the table.

BTC/USD 1-day chart. Source: TradingView
Total crypto market capitalization 1-day chart. Source: TradingView
Total altcoin market capitalization 1-day chart. Source: TradingView
BTC/USD 4-hour chart. Source: TradingView

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