Bitcoin Attempts to Break Through the $50,000 Resistance Level

Bitcoin tried to climb to $50,000 on Sunday, but BTC failed to hold the position. On the other hand, traders are beginning to wonder if the BTC/USD rate is likely to rise, especially when 90% of the total Bitcoin supply has already been minted.

Likewise, more crypto experts and analysts share their opinion regarding the current crypto market situation, especially Bitcoin.

Moreover, analyst Plan B is optimistic about Bitcoin. In his opinion, Bitcoin has been in an extended consolidation phase for most of the year, so traders need to be patient. At the same time, analyst TechDev believes that the current movement of the Bitcoin rate is similar to the rate movement in the fourth quarter of 2020, just before the start of the way up.

Furthermore, analyst Cole Garner published several charts on the popular social network, stating that the optimistic sentiment in the Bitcoin market may soon become reality. As always, not everyone was convinced, as the answers asserted that a spike in OTC prices could be just a short divergence in an overall downtrend.

However, institutional investors are showing no signs of abandoning BTC as a “risky” asset in the current environment. In addition, the demand for Bitcoin ETFs has increased.