• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Digital Currency Group (DCG) Pulls The Plug On TradeBlock: The End Of An Era?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Digital Currency Group (DCG) Pulls The Plug On TradeBlock: The End Of An Era?
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Advertisement

Bitcoin Analysis: BTC/USD Wedge Breakout Could Send Price to $55K

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement
Advertisement

Bitcoin (BTC/USD) rose to its highest levels to date at $52,640 on Wednesday after the minutes from Federal Open Market Committee’s January meeting offered bullish guidance.

The Fed officials stated that they intend to keep interest rates near zero and maintain the pace of asset purchases at the rate of $120 billion a month. The central bankers also noted that they would remain dovish until they see “substantial further progress” towards achieving maximum employment and at least a 2 percent inflation, ignoring to provide any further details about their potential hawkishness in the future.

Claim the JACKPOT with 55 FREE SPINS. Signup today to redeem your bonus.
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin corrects lower during the Thursday session. Source: BTCUSD on TradingView.com

In Thursday’s trading so far, Bitcoin was consolidating sideways with a short-term bias towards bears. The cryptocurrency experienced a sell-off near its record peak level that had its price slip beneath the $52,000-level. Nevertheless, the intraday decline did little to offset Bitcoin’s long-term bullish bias, running on the institutional adoption narrative.

Liquidity Crisis Underway

Last week, a flurry of optimistic events prompted traders to raise their bids in the Bitcoin market. It started with Tesla’s revelation that it holds $1.5 billion in its balance sheets. The Fortune 500 company added that it intends to accept the cryptocurrency as payments for its electric cars, putting bulls on alert about a potential upside boom.

BTC/USD jumped after Tesla’s announcement on February 8. The pair received further tailwinds from Twitter and Uber that flirted with the idea of Bitcoin investment. Meanwhile, credit card giant Mastercard and the US’s first banking service Bank of New York Mellon, announced that they would add crypto services atop their traditional financial platforms.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

Earlier this week, MicroStrategy, a public-trade software intelligence firm, announced that it would raise $600 million via debt sales and invest the proceeds in buying Bitcoin. The Nasdaq-listed firm already holds more than 71,000 BTC units worth $3.67 billion per the current exchange rates.

Microstrategy is borrowing $900 million at 0% to buy more Bitcoin.

You’re telling me that every CFO isn’t asking themselves “why don’t we do that?”

Gradually, then suddenly.

— Pomp ? (@APompliano) February 17, 2021

Ben Lilly, a partner at Jarvis Labs—a cryptocurrency analytics platform, noted that institutions sucked a huge portion of Bitcoin’s active supply—more than what miners mined in the last eleven months—that eventually led to a liquidity crisis.

“Bitcoin were, and still are, leaving exchanges by the bucket load,” the analyst said in a note. “In effect, this means the amount of bitcoin available for willing buyers is drying up. Which in turn creates scarcity, demand pressure… And the reason many of us are here, higher prices.”

He added that Bitcoin’s prices could grow further into 2021 should the crisis persists.

Bitcoin Wedge Breakout: A Technical Outlook

As observed in the four-hour chart, Bitcoin has broken bullish on its Rising Wedge pattern, otherwise a bearish reversal indicator.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin Rising Wedge breakout awaits confirmation. Source: BTCUSD on TradingView.com

As of now, the cryptocurrency awaits an upside confirmation, which means it could potentially pullback towards Wedge’s upper trendline for support. Thereon, a rebound could ensue and take the price higher equal to the Wedge’s maximum height, which is nearly $51,000.

That puts Bitcoin en route to $55,000 if measured from the breakout point near $49,000. Nonethelss, reclaiming the Wedge’s upper trendline as resistance would risk crashing Bitcoin lower towards $45,000.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Bitcoin

Bitcoin Taker Buy Sell Ratio At Highest Since Feb, What Does It Mean?

16 mins ago
Bitcoin

Bitcoin Shrimps Continue Aggressive Accumulation As Holdings Hit ATH

6 hours ago
Bitcoin Bull

Bitcoin Bullish Signal: Exchange Netflow Registers Negative Spike

3 days ago
Bitcoin

Bitcoin “Buy The Dip” Mentality Disappears, Is Now Actually The Time To Buy?

3 days ago
Bitcoin

Bitcoin Under Siege: Support Breakdown Raises Concerns Of Drop To $24,000 – Analyst

5 days ago
Bitcoin

Current Bitcoin Cycle Is Showing A Never-Before-Seen Trend

5 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Making Green or Being Ecofriendly: AltSignals Presale Wins...

    2 hours ago
  • Bware Labs Launches $INFRA Token, making high API...

    3 hours ago
  • This Polygon (MATIC) rival is predicted to reach a $1B...

    4 hours ago
  • The Hype of the InQubeta (QUBE) Presale is so Impressive...

    4 hours ago
  • Can Cardano Reach $1 In The Next 3 Months? Tradecurve Has...

    6 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.