Bitcoin Paused After Leading Towards $50K Resistance

August 24, 2021

Bitcoin, the leading crypto, paused after leading towards $50K resistance level on Monday. The digital money is currently exchanging around $49,532, and is up by 8$ from the last week values. However, analysts expect a point of consolidation ahead of news from the Federal Reserve’s yearly economic policy symposium in Jackson Hole, Wyo, and Friday’s option expiration date.

Also, some analysts noted that high overbought conditions have not recovered since April, which is giving support to that crypto price rally. Nearly 25% of BTC options open interest is set to expire on Friday. The largest amount of open interest is observed at $50,000 strike value which is also a major technical resistance point.

As per the options data provider Skew, the BTC options market is leading a 45% chance of bitcoin exchanging above $50K by the end of September. However, the recent data reflected a reversal after six continuous weeks of outflows, as per the report shared by digital-asset manager CoinShares on Monday.

Funds focused on Solana’s SOL token saw the biggest inflow among every advanced resource, at $7.1 million last week, the report shows. The token hit an unequaled high of $82 on Saturday, as indicated by Messari. Investors redeemed $2.8 million from bitcoin-focused funds last week.

Bloomberg Intelligence’s Mike McGlone, who won plaudits last year for being among the most prominent investigators anticipating that bitcoin would go to $50,000, sees further potential gain since the biggest digital money has gotten back to the imprint following a steep market correction.

The level of BTC profitable addresses arrived at a three-month high, as per Glassnode information. Cryptocurrency funds saw $21 million of net inflows last week as computerized resource markets revitalized, pushing the total resources under management (AUM) to $57.3 billion, the most elevated level since May.

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