{"id":470998,"date":"2021-09-06T23:21:12","date_gmt":"2021-09-06T23:21:12","guid":{"rendered":"https:\/\/wncen.com\/?p=470998"},"modified":"2024-06-11T13:58:23","modified_gmt":"2024-06-11T13:58:23","slug":"bitcoin-crack-52k-could-sustain-rally","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/","title":{"rendered":"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally"},"content":{"rendered":"<p><a href=\"https:\/\/wncen.com\/news\/bitcoin\/is-bitcoin-set-for-new-all-time-high\/\" target=\"_blank\" rel=\"noopener \">Bitcoin has broken out of its range for the second time in the past month<\/a>. The first cryptocurrency by market cap is making its way up from its yearly low, $29,900, after a season trending to the downside.<\/p>\n<p>At the time of writing, BTC trades at $52,333 with a 1.4% and 7% profit in the daily and weekly charts, respectively. Bitcoin smashed the major resistance at $52,000, as news about El Salvador buying its first BTC came out of that country\u2019s presidential office.<\/p>\n<figure id=\"attachment_471003\" aria-describedby=\"caption-attachment-471003\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-471003 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Bitcoin-BTC-BTCUSD-2.png?resize=860%2C495\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-471003\" class=\"wp-caption-text\">BTC on a rally in the daily chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>The bulls are back in control, it would seem, and Bitcoin could potentially rise to its next resistance level at around $56,000, for the first time since May. If it does break that resistance, the bulls could attempt a move into the $60,000 area.<\/p>\n<p>This could put BTC\u2019s price in the \u201cpath of least resistance\u201d, as Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone said. The price target for that path is $100,000 by the end of 2021 for the first cryptocurrency by market cap, and $5,000 for the second, <a href=\"https:\/\/wncen.com\/analysis\/btc\/ethereum-accumulation-cylinde-bitcoin\/\" target=\"_blank\" rel=\"noopener \">Ethereum<\/a>. McGlone noted:<\/p>\n<blockquote><p>After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from achieving record highs in 2H may be the more elusive question. Increasing demand and adoption are facing diminishing supply.<\/p><\/blockquote>\n<p>A report by Glassnode support the bullish thesis for the short term. The firm records a recovery in the mining sector after these operators were <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-hash-rate-goes-on-death-spiral-post-chinas-crackdown-on-miners\/\" target=\"_blank\" rel=\"noopener \">forced to move from China and relocate to other regions.<\/a><\/p>\n<p>The recent appreciation in the crypto market has allowed BTC miners to secure profits, the report claims. Thus, the Miner Net Position Change \u201chas returned to a neutral area\u201d.<\/p>\n<h2>Institutions Back On Bitcoin, Indicators Suggest More Profits<\/h2>\n<p>This Glassnode indicator has been used to measure the correlation between the number of coins accumulated or sold by miners and the price of Bitcoin. Therefore, the selling pressure that drove down BTC\u2019s price during May and June seems to be out of the picture.<\/p>\n<p>In addition, Glassnode records a permanent rise in the transaction size made by BTC users. This has created a contrast from the current market cycle to the previous one and suggests institutions have stayed on the network despite the 50% decline in the price of Bitcoin during May.<\/p>\n<p>As seen below, the transaction size has experienced an important increase reaching a peak during that month. Glassnode added:<\/p>\n<blockquote><p>This has largely cooled off from July onwards, with the current average transaction size between $30k and $36k. Relative to the 2019-20 period, this represents a significant 370% increase, despite the recent correction, reflecting continued and sticky institutional sized interest.<\/p><\/blockquote>\n<figure id=\"attachment_471005\" aria-describedby=\"caption-attachment-471005\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-471005 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Bitcoin-BTC-BTCUSD-4.png?resize=860%2C503\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"503\"><figcaption id=\"caption-attachment-471005\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>In addition, Glassnode claimed that investors have high levels of conviction to hold their Bitcoin, as suggested by the Spent Volume Age Band, a metric used to classify the proportion of daily coin volume by coin-age.<\/p>\n<p>In other words, the number of BTC being sold on the market and how long have investors have held on to those coins. At moment, the BTC traded is part of the \u201cyounger coins\u201d, while \u201cold coins remain dormant\u201d.<\/p>\n<figure id=\"attachment_471004\" aria-describedby=\"caption-attachment-471004\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-471004 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/Bitcoin-BTC-BTCUSD-3.png?resize=860%2C503\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"503\"><figcaption id=\"caption-attachment-471004\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>Bitcoin could once again be impacted by a domino effect caused by the derivatives sector. As the price tries to reclaim previous highs, speculators and short-term investors turn to futures contracts to amplify their gains.<\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-learn-to-trade-crypto-trading\/\">New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course<\/a><\/strong><\/em><\/p>\n<p>This is causing the funding rates for this product to rise. The research firm records a 0.03% for this metric across exchange platforms, levels \u201cseen prior to the May sell-off\u201d. So, investors remain cautious and keep an eye on the Bitcoin futures. Glassnode added:<\/p>\n<blockquote><p>The combination of positive funding rates and high open interest can be an important indicator set for assessing a shorter term risk of cascading long liquidations.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has broken out of its range for the second time in the past month. The first cryptocurrency by market cap is making its way up from its yearly low, $29,900, after a season trending to the downside. At the time of writing, BTC trades at $52,333 with a 1.4% and 7% profit in the daily and weekly charts, respectively. Bitcoin smashed the major resistance at $52,000, as news about El Salvador buying its first BTC came out of that country\u2019s presidential office. The bulls are back in control, it would seem, and Bitcoin could potentially rise to its next resistance level at around $56,000, for the first time since May. If it does break that resistance, the bulls could attempt a move into the $60,000 area. This could put BTC\u2019s price in the \u201cpath of least resistance\u201d, as Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone said. The price target for that path is $100,000 by the end of 2021 for the first cryptocurrency by market cap, and $5,000 for the second, Ethereum. McGlone noted: After enduring a gut-wrenching correction, we see the crypto market more likely to resume its upward trajectory than drop below the 2Q lows. What could stop Bitcoin and Ethereum from achieving record highs in 2H may be the more elusive question. Increasing demand and adoption are facing diminishing supply. A report by Glassnode support the bullish thesis for the short term. The firm records a recovery in the mining sector after these operators were forced to move from China and relocate to other regions. The recent appreciation in the crypto market has allowed BTC miners to secure profits, the report claims. Thus, the Miner Net Position Change \u201chas returned to a neutral area\u201d. Institutions Back On Bitcoin, Indicators Suggest More Profits This Glassnode indicator has been used to measure the correlation between the number of coins accumulated or sold by miners and the price of Bitcoin. Therefore, the selling pressure that drove down BTC\u2019s price during May and June seems to be out of the picture. In addition, Glassnode records a permanent rise in the transaction size made by BTC users. This has created a contrast from the current market cycle to the previous one and suggests institutions have stayed on the network despite the 50% decline in the price of Bitcoin during May. As seen below, the transaction size has experienced an important increase reaching a peak during that month. Glassnode added: This has largely cooled off from July onwards, with the current average transaction size between $30k and $36k. Relative to the 2019-20 period, this represents a significant 370% increase, despite the recent correction, reflecting continued and sticky institutional sized interest. In addition, Glassnode claimed that investors have high levels of conviction to hold their Bitcoin, as suggested by the Spent Volume Age Band, a metric used to classify the proportion of daily coin volume by coin-age. In other words, the number of BTC being sold on the market and how long have investors have held on to those coins. At moment, the BTC traded is part of the \u201cyounger coins\u201d, while \u201cold coins remain dormant\u201d. Bitcoin could once again be impacted by a domino effect caused by the derivatives sector. As the price tries to reclaim previous highs, speculators and short-term investors turn to futures contracts to amplify their gains. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course This is causing the funding rates for this product to rise. The research firm records a 0.03% for this metric across exchange platforms, levels \u201cseen prior to the May sell-off\u201d. So, investors remain cautious and keep an eye on the Bitcoin futures. Glassnode added: The combination of positive funding rates and high open interest can be an important indicator set for assessing a shorter term risk of cascading long liquidations.<\/p>\n","protected":false},"author":535,"featured_media":469597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-470998","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin has broken out of its range for the second time in the past month. The first cryptocurrency by market cap is making its way up from its yearly\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has broken out of its range for the second time in the past month. The first cryptocurrency by market cap is making its way up from its yearly\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-06T23:21:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-11T13:58:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837\" \/>\n\t<meta property=\"og:image:width\" content=\"1254\" \/>\n\t<meta property=\"og:image:height\" content=\"837\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Reynaldo Marquez\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@rl_m\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Reynaldo Marquez\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/\"},\"author\":{\"name\":\"Reynaldo Marquez\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/6b25e0bbb04d6129ebb4d\"},\"headline\":\"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally\",\"datePublished\":\"2021-09-06T23:21:12+00:00\",\"dateModified\":\"2024-06-11T13:58:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/\"},\"wordCount\":679,\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837\",\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"articleSection\":[\"Cryptocurrency Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\/\/wncen.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/\",\"url\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/\",\"name\":\"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837\",\"datePublished\":\"2021-09-06T23:21:12+00:00\",\"dateModified\":\"2024-06-11T13:58:23+00:00\",\"description\":\"Bitcoin has broken out of its range for the second time in the past month. The first cryptocurrency by market cap is making its way up from its yearly\",\"breadcrumb\":{\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#primaryimage\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837\",\"width\":1254,\"height\":837,\"caption\":\"bitcoin donchain channels\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/wncen.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/wncen.com\/#website\",\"url\":\"https:\/\/wncen.com\/\",\"name\":\"NewsBTC\",\"description\":\"Bitcoin &amp; Cryptocurrency News Today\",\"publisher\":{\"@id\":\"https:\/\/wncen.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/wncen.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/wncen.com\/#organization\",\"name\":\"NewsBTC\",\"url\":\"https:\/\/wncen.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"contentUrl\":\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46\",\"width\":157,\"height\":46,\"caption\":\"NewsBTC\"},\"image\":{\"@id\":\"https:\/\/wncen.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/newsbtc\",\"https:\/\/x.com\/newsbtc\",\"https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/6b25e0bbb04d6129ebb4d\",\"name\":\"Reynaldo Marquez\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g\",\"caption\":\"Reynaldo Marquez\"},\"description\":\"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.\",\"sameAs\":[\"https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/\",\"https:\/\/x.com\/rl_m\"],\"url\":\"https:\/\/wncen.com\/author\/reynaldomarquez\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally","description":"Bitcoin has broken out of its range for the second time in the past month. The first cryptocurrency by market cap is making its way up from its yearly","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally","og_description":"Bitcoin has broken out of its range for the second time in the past month. The first cryptocurrency by market cap is making its way up from its yearly","og_url":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/","og_site_name":"NewsBTC","article_publisher":"https:\/\/www.facebook.com\/newsbtc","article_published_time":"2021-09-06T23:21:12+00:00","article_modified_time":"2024-06-11T13:58:23+00:00","og_image":[{"width":1254,"height":837,"url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837","type":"image\/jpeg"}],"author":"Reynaldo Marquez","twitter_card":"summary_large_image","twitter_creator":"@rl_m","twitter_site":"@newsbtc","twitter_misc":{"Written by":"Reynaldo Marquez","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#article","isPartOf":{"@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/"},"author":{"name":"Reynaldo Marquez","@id":"https:\/\/wncen.com\/#\/schema\/person\/6b25e0bbb04d6129ebb4d"},"headline":"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally","datePublished":"2021-09-06T23:21:12+00:00","dateModified":"2024-06-11T13:58:23+00:00","mainEntityOfPage":{"@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/"},"wordCount":679,"publisher":{"@id":"https:\/\/wncen.com\/#organization"},"image":{"@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837","keywords":["bitcoin","btc","btcusd"],"articleSection":["Cryptocurrency Market News"],"inLanguage":"en-US","copyrightYear":"2021","copyrightHolder":{"@id":"https:\/\/wncen.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/","url":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/","name":"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally","isPartOf":{"@id":"https:\/\/wncen.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#primaryimage"},"image":{"@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#primaryimage"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837","datePublished":"2021-09-06T23:21:12+00:00","dateModified":"2024-06-11T13:58:23+00:00","description":"Bitcoin has broken out of its range for the second time in the past month. The first cryptocurrency by market cap is making its way up from its yearly","breadcrumb":{"@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#primaryimage","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837","width":1254,"height":837,"caption":"bitcoin donchain channels"},{"@type":"BreadcrumbList","@id":"https:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/wncen.com\/"},{"@type":"ListItem","position":2,"name":"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally"}]},{"@type":"WebSite","@id":"https:\/\/wncen.com\/#website","url":"https:\/\/wncen.com\/","name":"NewsBTC","description":"Bitcoin &amp; Cryptocurrency News Today","publisher":{"@id":"https:\/\/wncen.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/wncen.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/wncen.com\/#organization","name":"NewsBTC","url":"https:\/\/wncen.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","contentUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/logo-min.png?fit=157%2C46","width":157,"height":46,"caption":"NewsBTC"},"image":{"@id":"https:\/\/wncen.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/newsbtc","https:\/\/x.com\/newsbtc","https:\/\/www.youtube.com\/channel\/UC9v9erBEru5y4c3FA0wehEw"]},{"@type":"Person","@id":"https:\/\/wncen.com\/#\/schema\/person\/6b25e0bbb04d6129ebb4d","name":"Reynaldo Marquez","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/036a3927a22f63e491c08a08c3641ece?s=96&d=mm&r=g","caption":"Reynaldo Marquez"},"description":"A literature major, Reynaldo M\u00e1rquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally","url":"http:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-crack-52k-could-sustain-rally\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-09-06T23:21:12Z","datePublished":"2021-09-06T23:21:12Z","dateModified":"2024-06-11T13:58:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Cracks $52,000, Why This Time It Could Sustain The Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-crack-52k-could-sustain-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-crack-52k-could-sustain-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-09-06T23:21:12Z\",\"datePublished\":\"2021-09-06T23:21:12Z\",\"dateModified\":\"2024-06-11T13:58:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/08\/bitcoin-price-trend-following-father-iStock-1217026295.jpeg?fit=1254%2C837","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470998"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=470998"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/470998\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/469597"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=470998"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=470998"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=470998"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}