Source: Yahoo Finance
History has been made as the BTC/USD bulls have surged past the $50,000 mark to hit a brand-new high. After 12 years, it is indeed a moment to remember for Bitcoin. Upon hitting the new milestone, BTC/USD subsequently pulled back and at the time of writing, the price is at $49, 060.38.
At the present time, the price is trading above its 50-day Simple Moving Average. The Relative Strength Index has picked up and currently stands at 65, reaching an overbought condition. The bulls still reign on the Moving Average Convergence Divergence (MACD).
Currently, many are wondering if the flagship cryptocurrency can hit the $100,000 soon? Analyst Anil Panchal from FX Street believes that for the bulls to reach the psychological level of $100,000, key resistances at the moment rest at $50,260, which is an ascending resistance line from Feb 9) and $50,600, its present all-time high.
Meanwhile, towards the downside, key support levels are at $47,950, $43,900 (a three-week-old support line), and $38,100, which is a 200-bar SMA.
Once again, the spotlight is on the ‘digital gold, and as one rises to the top, there are supporters as well as naysayers. Recently, the Central Bank of Nigeria has issued a directive instructing banks to close any accounts transacting cryptocurrencies. The government of India also has plans to introduce a law to ban cryptocurrencies while the Reserve Bank of India works towards its own digital currency.
But Tesla’s glaring support of Bitcoin, evidenced by its $1.5 billion investment and upcoming plans to accept Bitcoin as a mode of payment, seemed to have created an avalanche effect. MicroStrategy has announced that it plans to buy more bitcoin by offering $600 billion of convertible debt. It has previously bought 25,000 Bitcoins worth $250 million in August 2020.
Other institutional investors such as Mastercard are jumping on the bandwagon to accept Bitcoin as a payment method. Even the old guard of traditional financial players, Bank of New York (BNY) Mellon, are giving in and has announced that it will begin financing Bitcoin.
The FOMO (Fear of Missing Out) wave is getting bigger and bigger as the Bitcoin bulls continue to charge ahead. Will this eventually turn out to be a tsunami that overcomes all naysayers? Only time can tell, but let’s see if the bulls will be hitting a new milestone anytime soon.
BTC/USD (as of Feb 17, 2021, 10 a.m., GMT +8) - $49,060.38
FOLLOWME BTC/USD User Sentiment (as of Feb 17, 2021 at 10.30 a.m.)
Short – 74.92%
Long – 25.08%
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