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Bitcoin (BTC) re-emerged above the $50,000 barrier today as millions of dollars worth of short positions got liquidated. Data from TradingView showed that the benchmark cryptocurrency touched the $50,400 level, its highest mark since August 23.
BTC/USD finally mustered the strength to leave its lower trading range of the past weeks following an overnight rally. Analysts peg the $51,000 mark as the level to beat for a continuation of the 2021 bull run. However, due to the heavy resistance at that level, bulls have failed to secure a footing near that level despite two trials within the last two months.
Meanwhile, reports show that the recent rally cleared several short trades. Sellers have lost close to half a billion dollars over the past 24 hours.
Historically, September is a “boring” month for Bitcoin. However, with the 6% rally seen in the past 24 hours, BTC has recorded its best September performance on record.
That said, prominent on-chain analyst Plan B notes that the “worst-case scenario” for the primary cryptocurrency this month is $43,000. The analyst’s $47,000 monthly close prediction for August was correct. Furthermore, Plan B notes that the minimum close for August is $68,000.
Key Bitcoin Levels to Watch — September 2
Following its recent boom near the $50,500 resistance, BTC has fallen to the edge of the $49,500 – $48,500 pivot zone, as it trades at $49,500. Bulls need to defend this pivot point over the coming hours to cement its footing around the $50,000 psychological level.
Trading conditions are far from overstretched situations indicating that bulls have enough room to push towards the pivotal $51,000 mark. Failure to hold above this pivot level could undo the gains of the previous bull and push prices towards $45,000.
Meanwhile, our resistance levels are at $50,000, $50,500, and $51,000, and our key support levels are at $48,500, $47,000, and $46,000.
Total Market Capitalization: $2.22 trillion
Bitcoin Market Capitalization: $927.6 billion
Bitcoin Dominance: 41.8%
Market Rank: #1
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