The flagship Cryptocurrency, Bitcoin price breaks $50,000. The BTC price surged 4.6% to hit $50,689 during early Asian trading hours on Tuesday.
Previously, Bitcoin Price rallied to a new all-time high at $49,400. The leading crypto set this new high after hovering within $47,000 range in the past week. After a successful breakout of the former $40,000 resistance trading line, currency, the BTC/USD trading pair is now consolidates near the resistance level of $50,000.
During the past week, BTC price tried to test the $50K level. The Price broke the $48,000 resistance, but failed to keep up the momentum. The price began a downside correction and broke below $47K support. The BTC price occurred below the 23.6% Fib retracement level of the uptrend from the $43,773 low to $48,700 high.
Institutional Adoption Of Bitcoin Accelerates BTC Price
Recently, we saw Tesla , MasterCard and BNY Mellon adopting digital assets which gave Bitcoin another impetus. Next in the race is Morgan Stanley ! According to the recent reports of Bloomberg , Morgan Stanley was considering an entry into the BTC market.
A $150 billion Morgan Stanley investing arm known for its prowess in picking growth stocks is considering adding Bitcoin to its list of possible bets https://t.co/LMwyVVxw4O
— Bloomberg (@business) February 13, 2021
Morgan Stanley is considered as one of the most well-known banks and Counterpoint, which holds nearly $150 billion under management. However, If the bank puts its seal of approval on a Counterpoint Global entry, we can BTC price skyrocket very soon.
Is $62K The Next Set Target?
we'll see $BTC 62k soon pic.twitter.com/Pm6UfCasc8
— CRYPTO₿IRB (@crypto_birb) February 13, 2021
Active Crypto analysts claim that Bitcoin price is all set to hit $62K soon. However, there’s a possibility to hit the target as long as BTC/USD remains above the $45.5K support level.
At present, it seems that Bitcoin will face massive selling pressure near the $50K level. The price channel’s upper peak suggests that the price doesn’t move massively higher than the $50K resistance.
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The Fibonacci extension level is at 1.414 , this brings the resistance to $51,400. Overall, the technical indicators suggest that the bulls will likely rest at this point and manage a consolidation again before the next uptrend.
If Bitcoin crossing $50k doesn't catch people's attention
I expect more people to want to flood the market in the coming weeks with a $BTC price over $50,000+ pic.twitter.com/j0g9vjC6MG
— Josh Rager 📈 (@Rager) February 14, 2021
Another prominent trader and analyst Josh Roger claim that “ If Bitcoin crossing $50k doesn’t catch people’s attention Nothing will I expect more people to want to flood the market in the coming weeks with a $BTC price over $50,000+ “