The cryptocurrency market is still recovering from a mild correction that took place at the start of the week. Bitcoin (BTC) has surged to a new all-time high of $ 50,645 barely a week after Tesla’s $1.5 billion Bitcoin buy-in. Since after Feb. 9, Bitcoin price has consolidated between the $43,706 and $49,700 range. BTC bulls tried pushing the price to the $50,000 mark consecutively over the past two days but could not sustain the breakout. On Feb. 16. BTC/USD breaks past $50k high as buying pressure mounts. BTC currently has a market cap of $923.99 billion, placing it 1st on the Coinmarketcap table, with $78.21 billion in trading volume over the past 24 hours. At the moment, BTC/USD is trading at $48,459, after a slight pullback from intraday highs of $50,645. BTC Prices vary between exchanges but the asset is trading higher, up by 2.37% on a 24 hour and 6.96% on weekly basis. The number of Bitcoin Whales has risen nearly 200% over the past three weeks. On-chain analytics firm, Santiment recorded a significant spike in the number of addresses holding 100,000 to 1,000,000 BTC. The firm also indicated from its holder distribution chart that the buying pressure behind Bitcoin has surged dramatically during the said period.
*Bitcoin (BTC) has surged to a new all-time high of $50,645 barely a week after Tesla’s $1.5 billion Bitcoin buy-in
*BTC/USD is trading at $48,459, after a slight pullback from intraday highs of $50,645
*On-chain analytics firm, Santiment recorded a significant spike in the number of addresses holding 100,000 to 1,000,000 BTC
Resistance Levels: $55,000, $52,500, $50,000
Support Levels: $45,000, $42,000, $39,000
BTC/USD Daily Chart: Bullish
BTC/USD Daily Chart
BTC price tapped the coveted mark of $50,000 before a slight retreat. Higher support is needed to ensure that Bitcoin sustains the uptrend. If the bulls can sustain the buying pressure above $50,645, the BTC/USD pair may witness a short squeeze that could quickly push the BTC price to $60,700. The upsloping moving averages and the RSI in the positive territory suggest that the bullish trend is intact.
On the Contrary, the BTC price turning down from the $50,645 level may suggest that the bears are aggressively defending this resistance. Short-term profit-taking could pull Bitcoin price to $43,706 which marks the low of the prior range. Further selling pressure may be quelled at the $41,975 support. If this caves in, the BTC/USD pair may drop to the MA 50 support at $36,968. BTC bullish outlook will invalidate if the bears sink the price below this level.
BTC/USD 4-Hour Chart: Ranging
BTC/USD 4-Hour Chart
On the 4-hour chart, Bitcoin is trading above the ascending trend line support, having reclaimed the two MAs 50 and 200 since February’s start. Bitcoin does not have a defined resistance ahead. Therefore, sustained action above $50,000 will keep the BTC uptrend to $100,000 intact. On the flip side, Bitcoin will abandon the breakout above $50,000 if the bulls lose steam before higher support is established.
Meanwhile, Bitcoin sits atop of robust support range between $48,100 and $47,051 coinciding with the ascending trendline support. The MA 50 at $47,189 is in line to offer support if a breakdown ensues. The BTC/USD pair is only bullish while trading above the $45,000 level, key resistance is found at the $50,000 and the $52,000 levels.
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