On Monday, August 23, bitcoin failed to gain a foothold above the psychologically important level of $ 50 thousand on the announcement that the PayPal payment service (NASDAQ:PYPL) will launch its own service that allows you to buy, store and sell digital currencies in the UK. The growth was weak, and a lot of effort was spent on it — from a minimum of $48050 to $50500, the movement was 5%. Therefore, having met resistance at $50,500, buyers became nervous that this could be the beginning of a global downward correction.
Although, in general, the external background for bitcoin remains positive:
On Monday, the US stock markets and gold closed with growth; the SP500 index updated its historical maximum; gold trembled to $1806 per troy ounce. Therefore, if on Tuesday, August 24, bitcoin can stay above $48 thousand, then there will be a chance to test the $50500 level again. Resistances are located at the levels: $51050, $52400 and $55350.
However, there is also a negative factor, but only one — the outflow of bitcoin from cryptocurrency exchanges has been replaced by an influx, and over the past days more than 25,000 BTC, about $ 1.2 billion, have been received on the platforms. At reduced volumes, this is quite a large amount of bitcoins for exchanges, they may not digest it. So if bitcoin goes below $48 thousand today, then most likely it will end with a pullback to the $44-45 thousand zone.