The cryptocurrency market bullish bias continues to garner traction attracting the latest institutional investor Tesla, especially to Bitcoin. The Bitcoin network became the 9th most valuable asset globally after Tesla invested $1.5 billion, statistics reveal on Feb 9. After the purchase, BTC/USD had a massive move to a fresh all-time high at $48,200 and aims for more. The Bitcoin network is now valued at over $875 billion at spot rates, ahead of Tesla, which has a market cap of $24.84 billion as seen on Coinmarketcap. At the time of writing, BTC bulls are unstoppable around $47,091, following its run-up to $47,471 intraday high, while refreshing the all-time high on Tuesday. Through the Tesla Bitcoin effect after the declaration of a $1.5 billion purchase of BTC and the adoption of the same as an acceptable payment system, Bitcoin lifted off to register a new all-time high while continuing its journey towards the 50K price level and inevitably the $100k target. On-chain data indicated a sharp spike in the number of new active addresses to 1.25 million.
*BTC/USD had a massive move to a fresh all-time high at $48,200 and aims for more
*At the time of writing, BTC bulls are unstoppable around $47,091, following its run-up to $47,471 intraday high
*The major target that many are looking at is the 100K price level
Key Levels
Resistance Levels: $52,000, $50,000, $48,000
Support Levels: $45,000, $42,000, $40,000
BTC/USD Daily ChartBTC retreated slightly after reaching a new all-time high of $48,200. The move towards this price level came a few hours after Tesla announced the $1.5 billion purchase. Meanwhile, support is at around $45,000 and a higher close of the day would bail out BTC/USD to $50,000.
The bullish outlook appears to be strong, hence Bitcoin may remain on an upward trajectory. An earlier look at Bitcoin showed that whales are actively buying, which adds credibility to the uptrend. It is worth noting that consolidation of gains below $48,000 is a bearish signal and could prevent a jump to new all-time highs above $50,000.
BTC/USD 4-hour ChartThe BTC/USD pair is starting to appear more bullish in the near-term as the top cryptocurrency firms above the $45,000 support level. Going forward, anticipated price stabilization above the current $48,200 mark is likely to lead to a coming test of the $50,000 level. The medium-term analysis points to a potential upcoming rally in the BTC/USD pair beyond $50,000.
In a scenario the $45,000 level does not hold as support then the $42,000 level is also seen as another major downside target where dips will be bought. The BTC/USD pair is only bullish while trading above the $40,000 level, key resistance is found at the $48,000 and the $50,000 levels. If the BTC/USD pair trades below the $40,000 level, sellers may test the $38,000 and $35,000 levels.
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