Where Will The Bitcoin Rally End?

After a few months in the doldrums, Bitcoin BTC/USD has come back to life. Since July 21, it has rallied by more than $15,000 while Bitcoin cash has also staged an impressive move higher.

But if Bitcoin gets to the $49,000 level, there’s a chance it runs into resistance. This could put a pause or halt to the rally before it continues to move higher.

There should be resistance around $49,000 because of buyers’ remorse. Investors who paid this price for Bitcoin in April thought they made a good decision when it trended higher afterward...then BTC broke the level and fell off a cliff.

See Also: Is Bitcoin A Good Investment?

After this happened these investors are losing money and many of them decide they want out. They’re reluctant to take a loss, however, so they decide to place their sell orders at their buying price. $49,000.

There’s a good chance this dynamic will result in there being resistance at this important level. The Bitcoin rally may pause or even end if and when it reaches it.