Bitcoin takes a closer look at 50k today

The price action in Bitcoin yesterday was like a series of concealed trap doors just waiting to be stepped on, so they could open and swallow up any unsuspecting trader. The initial rise to above 49k was reversed back below 47,500 and then flipped once again, only to deliver another even sharper reversal to below 47k that was subsequently reversed with equal gusto. The final push higher was the one that seemed to have the most traction, given that it has not been reversed yet so far today. Bitcoin has had a closer look at the psychologically important 50k level a little earlier on, rising to as high as 49,760. The move higher today has also come at the expense of its closest rival. The gain in Bitcoin has not really been matched by Ether, so the relative price between the two has swung in favour of BTC so far today. The immediate chart dynamic on BTC does indicate there is more upside in the short term, as it is above all of its longer term moving averages now and the drop back yesterday, such as it was, did not break below the 50 day moving average. That is in place today at 46,760 and has continued to guard the downside since the breakout above it last week. Bitcoin is currently trading at 49,235