Bitcoin tracks back above the $50,000 mark

Author: Justin Low | Category: Cryptocurrency

Can buyers hold?

That is the key question today for Bitcoin as price starts to test waters above the critical $50,000 level once again - having done so previously on 23 August but failed.

This comes after the surge higher in Ethereum overnight, climbing to its highest levels since May as seen here.

From a technical perspective, it's an encouraging sign for Bitcoin buyers after holding off the lows near $30,000 since May. The latest push also seems to be gathering support near the 200-day moving average (green line) over the past two weeks and that limits downside risks as buyers try to establish a fresh upside leg.

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