Bitcoin Breaks Above 50-Day SMA, Will BTC Ride It Out To $50,000?

Bitcoin has broken above $44,000 once again. After a couple of weeks of low momentum, bitcoin has been able to begin another recovery trend that has seen it add over $4,000 to its price in the last day. Its landing point has been above $43,000, finding its footing at this level, which has put it above the 50-day simple moving average. What does this mean for bitcoin? Bitcoin Breaks Above 50-Day SMA Bitcoin is now trading above the 50-Day simple moving average. This point is significant to the digital asset given that it represents what buyers are willing to pay for it in the short to medium term. When bitcoin sits below this level, it shows a lack of enthusiasm among buyers and an unwillingness to pay the price paid previously over the last couple of weeks. Related Reading | Intel ‘s ASIC Bitcoin Miner Will Cost Half, Be 15% More Effective Than Most S19s However, with BTC now trading above this level, it shows that investors are looking to get back in the market. It takes the reins out of the hands of the sellers and makes it a buyer’s market. With buy pressure growing, more supply is taken off the market and the valuation of the digital asset shoots up. This could also show that bitcoin has already marked a local bottom at $38,000. With this bottom confirmed, it shows a local support point for BTC where bulls have put up much resistance. BTC settles above $43K | Source: BTCUSD on TradingView.com Alternatively, the d...