Equities and commodities started a new week by moving higher. Improved moods can also be spotted on other risky assets, like for example cryptocurrencies. In the case of Bitcoin, it is the sixth week in a row that the cryptocurrency has launched with an upward move. News of PayPal expanding its crypto offering to customers from the United Kingdom has sent Bitcoin to a 3-month high near $50,000 mark.
Taking a look at the BITCOIN from a technical point of view, we can see that the coin is testing a resistance zone ranging between $50,000 handle and the 61.8% retracement of the downward move launched in mid-April 2021. In case it fails to break above this hurdle, price may pull back towards the $45,000 mark, where the lower limit of the market geometry can be found. On the other hand, breaking above $50,000 would pave the way for a test of the $55,000 swing area.
Source: xStation5
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