Blog
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.
More market news over on ourBlog
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.