The big night movement saw local highs of $ 54,500 and a new hope that support levels will now focus on $ 50,000. Bitcoin (BTC) has handled a critical resistance of 52,000 USD and during the night of March 8-9, it reached historic highs.
The price of BTC has reached two-week highs
Data from Tradingview showed that the price of BTC / USD reached local highs on Tuesday at 54,500 USD. Amid high volatility, the target for the day focused on $ 53,500 – still above decisive resistance.
Analysts watched the $ 52,000 as a line in the sand to secure the next phase of Bitcoin. Although the weekend produced a healthy rise, Bitcoin still had to consolidate $ 50,000 as strong support.
However, against 24-hour gains in excess of 8%, the picture improved rapidly on Tuesday after evidence showed that $ 47,000 had become really strong support.
“Bitcoin jumped $ 54k backed by other signs of institutional interest in the biggest cryptocurrency,”
– summed up market commentator and contributor to the German daily Die Welt Holger Zschaepitz on Twitter:
Bitcoin jumps >$54k aided by more signs of institutional interest in the largest cryptocurrency. Institutional interest sets the latest bull run apart from 2017’s retail-driven surge, Goldman says. Much of the institutional demand has been driven by fears around asset devaluation pic.twitter.com/xcaGWJNbaN
– Holger Zschaepitz (@Schuldensuehner) March 9, 2021
According to Goldman, institutional interest separates the latest increase in bulls from the increase in retail sales in 2017. Much of the institutional demand was caused by fears of devaluation active.
Zschaepitz referred to the findings of Goldman Sachs, which also revealed that 40% of its own clients had already experienced cryptocurrencies.
$ 70,000: “Fate awaits”
The institutional picture became even higher on Monday after one of the richest people in Norway opened a spin-off company focused on Bitcoin, which used the only cash register BTC.
“Bitcoin can be verified, divided, reassembled, stored and transported at virtually no cost. It’s a perfect rare digital asset. “
-written by Kjell Inge Røkke in a widely circulated letter from shareholders.
“To keep the grid running, you only need to allocate the cheapest electricity in the world. Electricity is provided by the network. No trusted parties or people with weapons are needed. I call it progress. “
Elsewhere, watchers watched the bullish mood unfold in Bitcoin’s Daily Moving Average Convergence / Divergence (MACD) indicator, which was set to repeat the February march to a record high of $ 58,300 on Monday.
“Fate awaits,” added filbfilb, an analyst at Cointelegraph Markets. According to the Fibonacci sequence, the important and target area is $ 70,000 and higher.
Conclusion
It’s a ride with Bitcoin. Are you holding on and waiting, or are you still preparing to buy? Do you believe Bitcoin will climb to $ 70,000?
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