Here’s what traders expect now that Bitcoin price rallied back to $50K


There was widespread celebration across the crypto ecosystem on Aug. 23 after the sight of Bitcoin (BTC) back above $50,000 triggered a resurgence of calls for the top cryptocurrency to reach $100,000 before the end of 2021. 

Data from Cointelegraph Markets Pro and TradingView shows that the early morning bullish momentum that lifted the price of BTC to an intraday high at $50,514 began to wane as the day progressed at currently the price trades slightly above $49,0.

Here’s what traders expect now that Bitcoin price rallied back to $50K
BTC/USDT 1-day chart. Source: TradingView

Here’s what analysts are saying could possibly come next for the price of Bitcoin now that it is back near the psychologically important $50,000 level.

Low volume hints at a short-term pullback

Bitcoin’s rally to $50,000 led many to assume that the price is only going to go up from here, but analysts from Decentrader offered a word of caution because the lackluster volume seen during the recent move could be a signal that the price may need to regroup at lower support levels.

Here’s what traders expect now that Bitcoin price rallied back to $50K
BTC/USD 1-day chart. Source: Twitter

As noted by Decentrader, there was insufficient volume during this recent move to push BTC price above $52,000, and now it is looking like a pullback to $48,000 or possibly lower could be in the cards as bulls take a break and regroup ahead of their next push higher.

The analysts at Decentrader identified $44,000 and $41,000 as support levels to keep an eye on should the price of BTC suffer a bearish breakdown.

Accumulation near $49,200 is expected

The prospect of a short-term pullback was also highlighted by pseudonymous cryptocurrency analyst Crypto_ED_NL, who is now looking for the price to see a meaningful pullback below $50,000.

#BTC updateWas waiting for it to break down before going long....

Will look for longs in green demand zone pic.twitter.com/4UjVXluYn2