Can Bitcoin Still Test $50,000 in August? UPDATED Bitcoin Price Analysis

Despite pulling back from recent highs, bitcoin, the world’s largest crypto by market cap, remains above a key long-term technical indicator, which reflects bullish market conditions.

Prices are currently at about $46,350 after topping out at $46,453 in the last 24 hours, CoinDesk data show. The crypto is up 57% year to date and is making headway toward its all-time high of $64,829 on April 14.

Indeed, Tuesday’s on-chain analysis by blockchain data firm Kaiko suggests trading activity is continuing to shift from China to the U.S. and European Union amid the crackdown against crypto mining in China, CoinDesk reported.

The 200-day moving average now appears to be holding prices at above $45,117, according to Bitstamp exchange data. As CoinDesk reported, price action is considered bullish above (red line) and bearish below.

Data from Glassnode shows the total supply of bitcoin held by entities with a balance of 0.1-1 BTC has continued to increase alongside bitcoin’s price, suggesting that retail investors are buying alongside institutional investors.

#Bitcoin
#BitcoinPrice
#BTCUSD

***
Explore trading and start investing with Capital.com.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.25% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

This video is for general information only and is not intended to provide trading or investment advice or any personal recommendations.  The information in this video is indicative, and may become out of date at any given time.

Capital.com shall not be responsible for any loss that you incur, either directly or indirectly, arising from any investment based on any information in this video.  Any information relating to past performance of an investment does not necessarily guarantee future performance.

Please remember spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage,  You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. Invest only what you can afford to lose.  These products may not be suitable for all clients, we therefore recommend that you seek independent advice and ensure you fully understand the risk involved before trading.  You do not own, or have any interest in the underlying assets.

Professional clients can incur losses that exceed their deposits when spread betting and trading CFDs.