Bitcoin
BTC$28 164.10

0.33%

Ethereum
ETH$1 787.94

1.35%

Tether
USDT$1.001512

0.02%

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-3.14%

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USDC$0.998760

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XRP$0.444871

13.53%

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 72% 48 $28 164.10 0.33% 13.02% $544 261 794 571 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 81.6% 31 $1 787.94 1.35% 5.81% $218 797 673 934 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.001512 0.02% -0.33% $77 553 405 398 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78% 46 $324.78 -3.14% 5.19% $51 279 077 061 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 2 $0.998760 0.04% -0.12% $35 199 682 488 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 86% 15 $0.444871 13.53% 20.20% $22 666 568 541 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 60.8% 80 $0.103499 4.55% 25.69% $17 947 941 823 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 76% 51 $0.371437 9.28% 9.72% $12 895 992 999 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 73.2% 48 $1.14 1.42% -3.43% $9 978 105 668 MATIC 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 55 $0.074846 3.43% 1.71% $9 929 845 913 DOGE 7 days price change
12 Solana (SOL) SOL Solana predictions 70.4% 56 $22.51 0.16% 8.87% $8 635 954 598 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000029 0.05% 0.02% $8 119 915 835 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.2% 50 $6.26 1.54% 0.77% $7 311 391 259 DOT 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 82.8% 22 $0.066579 3.00% 0.41% $6 769 516 188 WTRX 7 days price change

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