Growing Adoption, Bitcoin Bulls Make Big Comeback

Bitcoin predictions of $100,000 or more for Bitcoin are back in fashion thanks to the revival of the crypto market. For now, others think the fast-evolving financial asset will have a wider trading range as growing adoption comes to play.

With regards to the US Dollar, bitcoin prices began to steadily climb above $49,000. The price of bitcoin at the time of writing this report was now above $49,500 and it could move even higher.

On the hourly chart of the Bitstamp data feed of the Bitcoin/USD pair, there was a break above a crucial bearish trend line with resistance near $47,750 price levels.

Furthermore, media reports that Bitcoin tipping will be available on Twitter have notably increased buying pressure. This would allow users to reward content creators with Bitcoin.

Despite beta testing by a few users, Twitter has not announced when the upgrade will be officially launched for the general public.

This could lead to continued rises in the flagship crypto if the price stays above the $49,000 support zone. The $49,850 price level is an immediate resistance on the upside. Near $50,000, there is the first significant resistance.

Price could rise further if the $50,000 level is breached. From the swing high of $46,678 to the low of $46,533, the next support could be found at the 1.236 Fib extension level.

In the coming sessions, the price may reach the $52,000 resistance zone if it keeps on rising. At $51,550, we have an intermediate resistance level.

Finally, data collected from Glassnode, a crypto analytic data firm, indicates an increase in non-zero balances indicate adoption, interest, accumulation, and HODLing.

Over 38 million Bitcoin addresses now exist, with the all-time high about to be broken.