Bitcoin breaks above $50,000, signs of trend reversal

Bitcoin breaks above $50,000, signs of trend reversal

After a near 3-week stagnant period, Bitcoin indicated a trend reversal after breaking above $50,000 in the late hours of Thursday. At one point, the king crypto reached nearly $51,500 before falling to current levels of $51,000.

At press time, the currency was trading at $51,223.94, up 6.13% in the last 24 hours. Bitcoin gained momentum after it broke above the trend line and a strong correlation was found after the US market picked up and the S&P 500 closed at a record high on Thursday.

Bitcoin prices will likely depend on the price movements of the US stock market during the year-end and New Year holidays. However, it might continue to test the range between $52,000-$53,000 (upper resistance line).

Talking about Altcoins, Metaverse-related coins soared again over the 24th. Decentraland (MANA) was up 15.4% from the previous day, The Sandbox (SAND) was + 21.8% from the previous day, and engine coin (ENJ) was + 8.6% from the previous day.

Accounting firm PwC’s Hong Kong branch recently purchased a virtual land in The Sandbox, which likely caused the metaverse rally.

The world’s second-largest cryptocurrency Ethereum was up 4% in the last 24-hours and reached $4,153.82. At press time, the altcoin was trading at $4,100.

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