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Why Bitcoin’s breakout towards $50k is all but confirmed

Bitcoin‘s price action has been exciting enough to keep traders and investors on the edge of their seats over the last few weeks. After oscillating close to $45k for two days in a row, the crypto finally retested and breached the $48k level. In fact, at press time, BTC was trading just under $49,000 on the charts.k This provided the market with much-needed relief. Especially since Bitcoin’s foray beyond $48k was celebrated by analysts who were anticipating a breakout. With daily gains of almost 4% at press time, the market seemed primed to push BTC towards $50,000. The same was evident when the crypto’s RSI was observed. The indicator in question was noting an uptick at the time, with the same underlining the spike in buying pressure. Buyers seemed to be keen on securing higher support levels as they eyed $50k. What’s more, the 200-day simple moving average (SMA), at the time of writing, was acting as much-needed support for its price.