Bitcoin rallies to $50,000 milestone but ‘psychological resistance’ could hold it back

She said: “As expected, Bitcoin saw some resistance at the psychological $50,000 mark last week, which led to a pullback towards $46,500 (£33,612.76), allowing new buyers a little bit of a breathing room.

“Momentum seems to be picking up once again, but there is likely to be some strong resistance up until $55,000 (£39,757.02) as sellers battle to keep their positions, so further sideways consolidation cannot be ruled out within this $5,000 (£3,614.27) gap.”

Ms Hathorn said investors would want to wait for the coin to exceed a less notable benchmark as a sign they are awaiting new psychological resistance.

She said: “A break above $52,700 (£38,094.46) would be a good sign that buyers are positioning themselves to tackle the next psychological resistance at $55,000.”


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