Bitcoin Price Forecast: BTC Rup-up To $50,000 Short-Lived, Addresses Interacting On The Network Hit 1 million
Bitcoin’s temporary step above $50,000 excited the entire market, with a breath of fresh air sweeping across. Most altcoins that had been dormant for nearly two weeks resumed recovery, including Dogecoin. The meme-based token lifted above $0.3 after dealing with a mundane price action supported above $0.26.
Meanwhile, Solana has hit another all-time high at $136 and appears to rise to $140 in the coming sessions potentially. The Ethereum competitor had retreated to R$100 following the rally to $130 earlier in the week. Ether is trading slightly under $3,800 after its mid-week gains came short of testing resistance at $3,900.
Bitcoin Price Seeks Higher Support
The bellwether cryptocurrency failed to test August high at $50,500, this time stalling at $50,404 (price data from Coinbase). Overhead pressure did not give investors time to adjust, and a correction followed swiftly.
In the meantime, Bitcoin is teetering marginally above $49,000 while bulls fight tooth and nail to secure higher support. The 50 Simple Moving Average (SMA) put a barrier on the four-hour chart, preventing the bearish leg from touching $48,000 (support reinforced by the 100 SMA).
According to the short-term technical outlook, Bitcoin seems poised for another leg down. Notice the Relative Strength Index (RSI) heading to the midline, hence implying that the bearish grip on the price is intensifying.
At the same time, the Moving Average Convergence Divergence (MACD) may send a sell signal in the coming session. However, the 12-day EMA must cross below the 26-day EMA to validate a correction to $48,000 and later to $46,000.
BTC/USD Four-Hour Chart
Santiment’s on-chain data on Bitcoin shows a spike in addresses interacting on the network, accompanying the run-up to $50,404. These addresses hit 1 million for the first time in two months.
Bitcoin Active Addresses
Note that a pike in this metric often shows increased investor speculation and helps in sustaining the uptrend. Therefore, if these addresses continue to rise, we expect Bitcoin to reclaim $50,000. Moreover, a break above $50,500 would trigger massive gains heading to $60,000.
Bitcoin Intraday Levels
Spot rate: $49,500
Trend: Slightly Bearish