{"id":108007,"date":"2021-01-11T09:00:26","date_gmt":"2021-01-11T09:00:26","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108007"},"modified":"2021-01-11T09:00:26","modified_gmt":"2021-01-11T09:00:26","slug":"a-move-to-50000-is-on-the-table-for-bitcoin-as-bulls-defend-key-support","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/a-move-to-50000-is-on-the-table-for-bitcoin-as-bulls-defend-key-support\/","title":{"rendered":"A Move to $50,000 is \u201cOn the Table\u201d for Bitcoin as Bulls Defend Key Support"},"content":{"rendered":"<ul>\n<li>Bitcoin has seen some mixed price action as of late, with bulls struggling to defend the cryptocurrency against a break below $40,000 as bears try to reverse its momentum<\/li>\n<li>The crypto\u2019s ability to hold above this level is promising, but it remains unclear as to how long it will hold<\/li>\n<li>If bulls can flip this previous resistance level into support, it could prove to be a strong base for the crypto to grow upon in the near-term<\/li>\n<li>One trader is now expecting a rally up towards $50,000 in the near-term, noting that the selling pressure has not yet been significant enough to reverse its short-term uptrend<\/li>\n<\/ul>\n<p>Bitcoin has been caught within the throes of a short-term consolidation phase throughout the past couple of days.<\/p>\n<p>Where the market trends in the mid-term should depend largely on whether or not bulls can hold the $40,000 level as support.<\/p>\n<p>It has attempted to push into the mid-$40,000 region on a few occasions, but each time has resulted in rejections.<\/p>\n<p>One trader is now noting that he fully expects it to see a move up towards $50,000 in the near-term, which could come about rather quickly if its consolidation trend persists.<\/p>\n<h2><strong>Bitcoin Consolidates at $40,000 as Bulls Try to Gain Edge Over Bears<\/strong><\/h2>\n<p>At the time of writing, Bitcoin is trading up marginally at its current price of $40,500. This is around the price at which it has been trading throughout the past few days.<\/p>\n<p>Bulls have tried on a few occasions to push the cryptocurrency into the mid-$40,000 region, where its all-time highs currently sit, but each attempt has been met with intense selling pressure.<\/p>\n<p>A strong move higher could allow the entire market to rise, extending the parabolic momentum seen by both BTC and large altcoins as of late.<\/p>\n<h2><strong>Analyst: BTC Likely to Reach $50,000 in Coming Days<\/strong><\/h2>\n<p>While sharing his thoughts on where Bitcoin might trend next, one analyst explained that he is watching for a move up towards $50,000 in the near-term.<\/p>\n<p>He notes that even a sharp pullback will likely be followed by significant upside due to the market\u2019s present bullishness.<\/p>\n<blockquote>\n<p>\u201cThe main price points I&#8217;m watching. While above, 45k and 50k psychological short term are on the table. Regarding the higher time frame, regardless if we get a sharp pullback we can see a continuation higher. If 20k breaks then I&#8217;ll reconsider.\u201d<\/p>\n<\/blockquote>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/bitcoinist.com\/wp-content\/uploads\/2021\/01\/ErTYLfkXcAUpeVd-980x469.png\"><\/p>\n<pre>Image Courtesy of AMD Trades. Source: BTCUSD on TradingView.<\/pre>\n<p>The coming few days should provide insight into where the entire market will trend next and whether or not Bitcoin will further extend its parabolic momentum.<\/p>\n<pre>Featured image from Unsplash.\nCharts from TradingView.<\/pre>\n<p>Source: <a href=\"https:\/\/bitcoinist.com\/a-move-to-50000-is-on-the-table-for-bitcoin-as-bulls-defend-key-support\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has seen some mixed price action<\/p>\n","protected":false},"author":3,"featured_media":108006,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A Move to $50,000 is \u201cOn the Table\u201d for Bitcoin as Bulls Defend Key Support - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/a-move-to-50000-is-on-the-table-for-bitcoin-as-bulls-defend-key-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A Move to $50,000 is \u201cOn the Table\u201d for Bitcoin as Bulls Defend Key Support - 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