Bitcoin
BTC$23 380.70

0.17%

Ethereum
ETH$1 869.86

1.61%

Tether
USDT$0.999993

-0.01%

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USDC$1.000029

0%

Binance Coin
BNB$303.57

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XRP$0.378670

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Bitcoin breaks above $50,000 as upward momentum continues


06 Oct 2021

#Bitcoin

The price of Bitcoin exceeded $50,000 for the first time since 7th September, the day Bitcoin became legal tender in El Salvador. The world’s largest cryptocurrency had dropped to around $47,600 in early trade before rising to a high around $50,300. Speculation about a Bitcoin ETF continues to linger in the background, with optimism that the US Securities and Exchange Commission (SEC) will soon approve a futures-based ETF.

According to Bloomberg ETF Analyst Eric Balchunas, there is a 75% chance that a Bitcoin futures ETF will be approved this month. Approval of a Bitcoin ETF is seen as another step towards cryptocurrencies becoming a mainstream financial market asset. A futures-based ETF is more likely to see approval first and is viewed more favourably by the SEC Chair Gary Gensler due to their derivatives-based nature making them easier to regulate.

Meanwhile, crypto investment products and funds recorded inflows for a seventh consecutive week last week, according to data from CoinShares, signalling that institutional interest in Bitcoin and other digital assets isn’t slowing down.

Technical View

After trading above $50,000, Bitcoin is now testing trendline resistance around its current level of $50,300. The next level to the upside traders will be focusing on will be the September high around $52,900. A move and close above that level and some analysts are calling for Bitcoin to test its all-time highs around $65,000 within a matter of weeks.

If Bitcoin fails to hold gains above $50,000 then the door may be open for another small correction. If that is the case, then the 18th September high around $48,800 could act as support. After that, the 50-day moving average at $46,800 and the 200-day moving average at $45,000 will likely be the next levels to watch out for.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90% 11 $23 380.70 0.17% -3.40% $447 157 628 342 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 57 $1 869.86 1.61% -1.45% $228 155 524 371 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $0.999993 -0.01% -0.04% $67 548 986 277 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 91.2% 1 $1.000029 0% 0% $52 886 639 732 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 68% 63 $303.57 -0.72% -6.93% $48 976 512 442 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 90.8% 10 $0.378670 0.61% -0.53% $18 697 813 591 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $1.000243 0.01% 0.03% $18 378 237 848 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 82% 27 $0.530629 -1.09% -0.83% $17 902 912 179 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 82% 35 $41.02 1.30% -5.16% $14 308 783 900 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 82.8% 29 $0.077728 -3.21% 8.84% $10 312 196 275 DOGE 7 days price change
11 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
12 HEX (HEX) HEX HEX predictions 65.2% 66 $0.055595 -5.79% -7.70% $9 640 858 436 HEX 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72.8% 55 $8.41 -0.02% -9.45% $9 324 984 454 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 76.8% 43 $0.000014 -3.43% 14.71% $7 823 746 490 SHIB 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 69.6% 62 $25.38 -1.16% -12.36% $7 233 452 158 AVAX 7 days price change

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