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Bitcoin retraces to highs

Bitcoin surged 3.69% to $51,756 on Sunday, September 5, with a weekly gain of 6.13%. Buyers built up their positions for over two days. On the last day the BTCUSD pair traded within a price range of $900 (1.8%). Near the close of the week, buyers broke through $51k and consolidated above the psychologically important $50k level. There are two pieces of positive news, but it remains unknown whether or not they triggered a breakout of the $51k level.

In Texas, cryptocurrencies gained official recognition after the adoption of two bills aimed at developing the cryptocurrency and blockchain industry. Texas banks had already received approval from the Department of Banking to provide virtual currency custody services.

The Indian government is about to classify cryptocurrencies as commodities. Categorizing them as a commodity could solve multiple problems facing the government of India. In addition, new KYC procedures and accounting standards will be introduced.

Price action climbed to $52,188 on Monday. The price bounced back after retracing to highs. By the time of writing, Bitcoin was trading at $51,380. It took 20 minutes for BTC to drop 1.74%.

All signs look upbeat on the daily chart, with the next target in the vicinity of $55k. But the volumes are not there. It feels like someone is pulling the market up to force the retail players who were kicked out by the May pullback to jump back in. If it's a big player, then enough buyers will be needed to flip coins to the crowd. Otherwise, there is no wat that cryptocurrency can be sold profitably in a thin market.

Today is a statutory holiday in the US and Canada. Amid thin volumes, the dollar is on the rise (correcting higher after a two-week decline). If BTC holds above $51k today we can expect the upward momentum to keep heading north to $54k.

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