Is Bitcoin poised for a weekend move above 50k?

The price action in Bitcoin so far today is steady and the lead cryptocurrency is edging its way towards a potentially important price point. As noted here repeatedly that price point is at 46,847 and represents a 50% retracement level of the whole move down earlier this year. That saw it drop from a record high at 64,869, to the June 21 low at 28,824. Now this level is still capping the topside for Bitcoin despite a few attempts to climb back above it. The most recent and nearest one of those took place on Wednesday when the price stalled at 46,768. It made a less robust attempt again yesterday which also resulted in failure and the price dropped back below 44k again. However, and as earlier noted today, it grinding its way for another attempt right now as it lifts to session highs at 46,680 as this update is being typed. Now if 46,847 is surpassed with any gusto then that could deliver an attempt to the next significant resistance level which is at 51,100 and represents a 61.8% retracement of the downside move mentioned. It is not and certainly not advocated here either, but it is something perhaps to be aware of with the weekend looming. Of course it will have to take out 46,847 which is something that it has singularly failed to do so far this week. Bitcoin is currently trading at 46,580