Over the weekend, the bulls have garnered the strength to rise upwards. Despite facing resistance from the bears, it managed to overcome these obstacles. After hitting $51,298.15, the bulls have pulled back to take a breather. At the time of writing, BTC/USD is at $50,854.72.
However, it is trading above its 50-day Simple Moving Average (SMA) and the Moving Average Convergence Divergence (MACD) is reflecting a bullish trend. The Relative Strength Index (RSI) is reaching an overbought condition and currently stands at 72 after rising upwards from 15, a reflection of the buyers’ appetite in the market.
Source: Yahoo Finance
So, what lies ahead for the Bitcoin bulls? According to analyst Anil Panchal from FX Street, that would be dependent on bulls’ success to overcome resistance levels at $52,650 and $56,000 before setting on the course towards the all-time high of $58,355.
Meanwhile, if the bears overcome support at $50,170 (which is the 21-day SMA), then the next support level would be at $50,000.
At the end of last week, MicroStrategy announced another $10 million purchase of Bitcoins. According to a report on Reuters on Mar 5, this would mean that MicroStrategy now possesses close to 91,064 Bitcoins as of Mar 5 and at an average purchase price of approximately $24,119 per Bitcoin.
In the broader market, the U.S. Senate has approved the $1.9 trillion stimulus package. A market mover that could potentially hinder the journey of the Bitcoin bulls is the possibility of a further increase of U.S. Treasury yields. Coin Desk reported on Mar 8 that this might exert pressure on both stocks and Bitcoin.
Meanwhile, let’s see what the week holds in the Bitcoin space.
BTC/USD (as of Mar 8, 2021, 9.40 a.m., GMT +8) - $50,854.72
FOLLOWME BTC/USD User Sentiment (as of Mar 8, 2021 at 10.30 a.m.)
Short – 69.42%
Long – 30.58%
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