Bitcoin had successfully flipped the $47,000 level this week. A welcome change after the digital asset had spent a long stretch of time plagued by low momentum. It officially signaled a break out of the consolidation of the past two-and-a-half months. Now the real work begins as bears have begun mounting significant resistance to keep the cryptocurrency from breaking above $50,000.

The Point To Beat

Although Bitcoin continues to hold above $47,000, there is still a lot of opposition to the digital asset in this region. $47,500 remains a technical level that has shown itself throughout various rallies in history. This time around, bears are camping at this technical level, making it a significant resistance to point to beat. Otherwise, the goal of $50,000 will remain unrealized.

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If the digital asset is able to successfully beat this point and form support above it, then there will be not much opposition in the race to $50,000 as the next important point will lie above this level. A push past $50,000 would set the cryptocurrency on another path towards $53,000. This time around, solidifying BTC’s campaign towards a new all-time high.

BTC price chart

$47,500 is now the point to beat | Source: Arcane Research

Nevertheless, Bitcoin has been unable to break through as its single attempt to do so has been met with resistance that has beaten it back down towards the low $47,000s. BTC continues to hold strong at this point though.

Bitcoin Holding Up Well

Even though bitcoin had taken a beat-down…

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