- Bitcoin price has sliced through an inclined resistance level, heading toward the $50,000 psychological level.
- Ethereum price pierces through the $3,716 resistance barrier, indicating a move to $4,000 is nigh.
- Ripple price is grappling with the $1.76 supply level, a breach of which would trigger a move to $1.70.
Bitcoin price saw its uptrend being thwarted multiple times over the past week. However, the recent upswing seems to be taking a second jab at this barrier and is likely to push through it, restarting the bull run.
Ethereum, Ripple and many other altcoins have already begun rallying with some achieving new all-time highs.
Bitcoin price arrives at $50,000 psychological level
Bitcoin price breached $50,000 on August 23 but failed to sustain itself above that level, leading to a sell-off. While BTC tried recovering from this crash, it failed time and time again, leading to a tight consolidation between $50,000 and $46,000.
The recent upswing sliced through the inclined resistance level and is attempting to take over the $50,000 psychological level successfully. Assuming BTC does, this move could push Bitcoin price to $51,483.
A decisive 12-hour candlestick close above $51,483 will likely trigger FOMO, propelling it to $56,361. In some cases, this move could extend higher and even attempt to retest the all-time high.
BTC/USDT 12-hour chart
Regardless of the optimism, Bitcoin price needs to clear the $50,000 level. Failing to do so might restart the consolidation and keep it bound above $46,000.
A decisive close below $46,000 will invalidate the bullish thesis as it would create a lower low.
