Crypto markets have begun to rebound after a prolonged selloff lasting five weeks. The largest price increase since November’s ATH is the result.

Bitcoin gained over 7% in the past 48 hours as major markets rebound. Bitcoin has rallied to a level above $46,500 before rising all the way up to an inter-day peak of $49,876.32.

This is the five-day price chart for Bitcoin (BTC) Tradingview

Bitcoin’s interday high of over $49.8k has been surpassed and Bitcoin now stands at around $48,700. Bitcoin is now trading at $48,691, with a market capitalization of $918.95billion.

Can $50K be possible?

The crypto market is showing many positive signs, with Bitcoin trading at above $48,750 and support close to $48,750, respectively. Additionally, Bitcoin’s current price puts it above the 76.4% Fib retracement level.

Bitcoin will attempt to breach the $49,600 threshold in the near term before reaching the $50k mark. Bitcoin is expected to test $50k with continued bullish momentum.

Bitcoin’s major support, which is close to $49,000, will be able to overcome the $50,000 resistance zone. Then, it can look towards the $48,500 level. A Bitcoin upswing appears more likely at the moment.

To The Flipside

• Bitcoin is recovering, but a new study indicates that the crypto could be centralized. It reports that 27% of BTC is in the hands of 0.01% bitcoin owners

Why you should care

Bitcoin has shown a remarkable ability to bounce back from severe downswings. Jack Dorsey who was the ex-Twitter CEO believes the asset will eventually replace the U.S. dollars.

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