Bitcoin bursts higher and return to $50k; flash moves towards $55k on board
Bitcoin price rallies beyond the $40k value area and returns to the much anticipated $50k zone. Momentum remains strong as the aggregate market continues to see speculative capital inflows into Bitcoin and altcoins alike. The 2021 Market Profile thins out considerably between $50,400 and $55,000, indicating a relatively fast move towards $55,000 is likely if momentum is sustained.
Buyers should be aware that hidden bearish divergence between Bitcoin price and the Composite Index exists, warning that the current move may terminate. It is essential that buyers propel Bitcoin above the September 7th high of $52,888 to negate any bearish divergence.
BTC/USD daily chart