BTC Hits $50,000 for the First Time in Recent 3 Months

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Today’s Cryptocurrency Headline

Gravity Bridge is officially launched. Gravity enables ERC20 assets on Ethereum to be introduced to Cosmos ecology and interact with Cosmos ecology projects. It also enables Cosmos assets to be introduced into Ethereum. In the future, all important EVM compatibility chains will be gradually connected. Gravity Bridge is currently undergoing a security audit by Cosmos developer Informal Systems and plans to start a two-week “Code4rena” from Aug 26th, attracting various participants to review the code and find errors or vulnerabilities in return for a reward. 

Gravity Bridge, launched by Cosmos based distributed networking solution Althea, is a cross-chain bridge designed for Cosmos Hub to interact with ERC20 assets, such as WETH, DAI, USDC, WBTC, etc.

Bingbon’s Bitcoin Chart

bitcoin price analysis predication Bingbon chart research
Source: TradingView& Bingbon

Bitcoin price hits $50,000 after a prolonged consolidation above the $47,000. While this upward is a crucial bullish milestone, BTC needs to close above $51,000 today to confirm the beginning of a new uptrend which will open the path up to $55,000. A rally that flips these resistance levels into support will indicate the buyers’ eagerness and could push BTC to retest the all-time high at $64,854. As we analyzed in our previous blog, the $50,000 to $55,000 range is still a stress zone. Moving to that range is not so easy for Bitcoin. There is still a long way before it can pass the record just shy of $65,000.