Bitcoin (BTC) challenged $46,800 on Aug. 11 as a weakening U.S. greenback added to bullish momentum.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

“Aiming for $50,000”?

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD hitting highs of $46,787 on Bitstamp Wednesday, a hair wanting the day gone by’s peak.

Contemporary from voting day on the U.S. infrastructure invoice, one thing which in the end failed to maneuver the market, Bitcoin confirmed no indicators of bearishness because it returned to the door of major resistance starting at $47,000.

USD efficiency put up invoice on the day supplied one other potential catalyst for beneficial properties. A downtrend in greenback energy typically goes hand-in-hand with a boon for cryptocurrency extra broadly.

On the time of writing, the U.S. greenback forex index, which measures the greenback towards a basket of 20 buying and selling accomplice currencies, was reversing beneficial properties it had made earlier than the vote, again beneath the 93 mark.

Beforehand, Cointelegraph quoted widespread dealer Crypto Ed, who eyed an area DXY prime of 94 earlier than a comedown gave room for Bitcoin and altcoins to surge. 

“BTC vary: took out the highs, took out the lows,” a part of a Twitter post Wednesday learn.

“Up we go. Nonetheless aiming for 50okay.”

U.S. greenback forex index (DXY) 1-day candle chart. Supply: TradingView

Formidable help vs. formidable resistance

A possible hindrance to additional upside nonetheless remained within the type of the appreciable promote wall at $47,000.

Associated: Bitcoin Technicals: Why BTC price breaking $48K resistance is the key to new all-time highs

On the flip facet, a continued buying trend by retail and institutional buyers is making certain that the Bitcoin provide has been tightening at ranges from $29,000 and upwards.

Another theory means that Chinese language whales, spooked by the Could miner rout, at the moment are reentering the market.

“Earlier this 12 months, BTC loved robust rallies every time the ~$45200 degree held as help,” fellow dealer and analyst Rekt Capital added.

“Yesterday, $BTC efficiently reclaimed the ~$45200 degree as help.”

BTC/USD purchase and promote positions (Binance) as of Aug. 11. Supply: Materials Indicators/ Twitter