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Date:
17th Feb 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

Bitcoin Touches $50k as Volatility Rises

On Feb 16, the Bitcoin price temporarily rose to $50k, rallying to a new all-time high. Although prices have since fallen back, it is a new high and points to the strength of $50k as a psychological round number marking a sell wall. Analysts are bullish that the BTC/USD price has more headroom to expand, building on the last six months trend where BTC bulls have been on the driving seat. Specifically, prices have more than doubled after breaking above $20k.


Details:

Bitcoin buyers are rampant. Most expect even higher highs in the days ahead. Notably, the confidence stems from the series of fundamentals in the last few weeks. For instance, institutions' involvement is a massive boost for traders who expect them to turbocharge prices above $50k. Also, there is an influx of traders to centralized exchanges. According toCryptoQuantdata, exchanges now hold more stablecoin reserves than ever before, suggesting a possible accumulation. Cumulatively, their participation steadies price above important buy walls, providing the impetus needed for another bullish wave.


Impact on the BTC Price:

Bullish. BTC/USD remains in range mode. However, institutional participation and renewed interest from retailers could build the base for a break above the psychological resistance level at $50k.


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