On Monday, August 23, the premier cryptocurrency Bitcoin surpassed the $50,000 level for the first time since falling in May.
August 23, 2021, | AtoZ Markets – Bitcoin price has exceeded $50,000 this morning – this happened for the first time in more than 3 months. The intraday high was set above $50,400.
The last time the first cryptocurrency traded at comparable levels was in mid-May when it was on its way to lows below $30,000. The recovery has been more than 70% since then. At its current value, BTC’s capitalization is almost $950 billion.
The Fear and Greed Index switched from “extreme fear” to “extreme greed” in less than a month.
Some market participants prefer to remain cautious in the current environment.
“Bitcoin is trading at a premium of 1.2% on Binance. Keep track of your levels to exit. This is one of the factors that can disrupt a reasonable entry / exit strategy, writes ex-market maker I am Nomad. – The random premium over the index components gets me out. Reducing the position with a profit of 10%.”
The increase in the premium on futures suggests that market participants are again filled with optimism and began to boldly enter into margin long positions after a period of uncertainty.
“This is not the first time we have crossed this legendary mark, but given the recent developments in the industry, this time it seems justified,” says Quantum Economics CEO Maty Greenspan.
Trading volumes remain low, however, events continue to develop above the key indicator of traders’ sentiment.
“The market continues to float above the 200-day moving average and the bulls are still in play,” said Toby Chapple, head of trading at Zerocap. “The relative superiority of Cardano, Ether, Polkadot, Uniswap and others supported the BTCUSD pair.”
At the same time, he noted that the Fed meeting scheduled for the end of August and the meeting of the Federal Committee on Open Market Operations in September could affect, among other things, the cryptocurrency segment:
“Any move by the Fed would be negative for the market, which could be affected by risk aversion by traditional investors.”
Cryptocurrency market capitalization reached $2.2 trillion again. Cardano continued to renew highs and approached $3, while XRP, Dogecoin, and Solana have all shown declines over the past 24 hours.
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