The Bitcoin bull market is back? focusing on $51100 key position
In recent days, Bitcoin has increased by about $20,000 in the latest bull round. Do you also see a consolidated bull market coming?
Undeniably, a lot of people share the view.
On August 23rd, Bitcoin broke out the key level at 50,000, reaching the highest price in recent months.
Paypal recently revealed that its U.K. customers will soon be able to buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
The company’s long-anticipated move into crypto was believed to be one of the main catalysts behind Bitcoin’s massive growth in the fourth quarter of 2020. So its influence can not be ignored.
However, many bearish factors emerged at the same time.
Against the backdrop of spiking COVID-19 cases around the world and less-than-satisfactory economic data, investors are getting concerned with the Fed possibly removing stimulus and starting to shift their exposure to the U.S. dollar.
In addition, last Thursday, Japanese cryptocurrency exchange Liquid reported that a cyberattack has resulted in a loss of over $97 million worth of digital coins. Just 10 days ago, hackers stole over $600 million of digital coins from Poly Network. These events have many traders, especially beginners, worried about the safety of exchanges and may cause them to halt trading for a while, which could impact the liquidity of exchanges and cause sell-offs.
MACD from late July showed deviation from the price movements, which is a sign that the bullish momentum is weak, or even become bearish.
What is more, 0.618 Fib indicated that $51,100 will be the key position. It is notable that the correction is accurately predicted in this really.
If the key resistance level manages to defeat the continuing rally, how to make great profits in the downward trend? It is advisable to turn to 100x leverage provided by exchanges like Bexplus.
How 100x leverage works
With 100x leverage applied, you can use 1 BTC to open a position of 100 BTC by going long (predicting BTC price will be up) or going short (predicting BTC price will be down).
For example, in spot trading, if you buy 1 Bitcoin at the price of $50,000, and when it drops up to $49,900, you’ll gain only $100 as profits. On Bexplus, if you invest in 1 BTC at the same price with 100x leverage, and the Bitcoin price rises to $40,500, you have a chance to get profits of $10,000 ((50,000-49,900)* 100 = $10,000)
About Bexplus
Bexplus is a crypto futures trading platform delivering 100x leverage for trading pairs like BTC, ETH, LTC, Dogecoin, XRP, etc. With headquarters in Hong Kong, it now has branches in Singapore, Japan, the United States, and Brazil. Bexplus doesn’t require KYC and is accredited by MSB (Money Services Business), being trusted by over 800k traders from over 200 countries/regions.
Bexplus Features
Privacy – Registration needs an email confirmation, and there is no need to verify your identity.
Demo account– 10 BTC is provided on the stimulator account for traders to practice their trading skills.
Deposit bonus – Get 100% bonus every time you deposit.
BTC wallet: up to 21% annualized interest without any risks
Flexibility – Profit from the market’s ups and downs.
Support – Customer service is available 24/7.
Join bexplus to maximize profits.
Bexplus offers ethereum Classic price prediction, litecoin price prediction 2025 and xrp price prediction to help users keep up-to-date with the cryptocurrency industry.
The post The Bitcoin bull market is back? focusing on $51100 key position appeared first on Ripple Coin News.
OhNoRipple via https://www.ohnocrypto.com/ @Rayne Harris, @KhareemSudlow