• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
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
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Terra Founder Do Kwon's Extradition To The US Approved

Calls for Bitcoin Breakout Above $50,000 Grow; 3 Reasons Why

Yashu Gola by Yashu Gola
3 years ago
in Bitcoin
0

A recent runup in the Bitcoin market has prompted many analysts to see BTC/USD pair closing above $50,000 in the coming daily sessions.

The market strategists see the pair doing extensively well despite the sell-off that crashed its prices by more than 21 percent last week—its worst weekly performance since March 2020. This renewed optimism comes on the back of a flurry of supportive technical and fundamental catalysts. Here are three among them:

#1 Those Bitcoin Whales Return

Ki-Young Ju, chief executive officer at CryptoQuant—a South Korea-based blockchain analytics firm, highlighted a spike in whale activity on the Bitcoin network in a tweet published earlier Wednesday.

The analyst alerted that the outflow of more than 10,000 BTC per block from Coinbase, a US-based cryptocurrency exchange, has surged. He added that larger transactions from Coinbase wallets typically end up in the custody addresses for over-the-counter transactions.

“Whales [are] accumulating BTC,” wrote Mr. Ju. “They are making many bear traps lately, but the price seems to recover the institutional buying level, 48k. Looking at recent Coinbase outflows, most of the outflows that went to custody wallets were at 48k price.”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin Coinbase Pro Outflow. Source: CryptoQuant

If true, the accumulation near the $48,000-level serves as a natural support for Bitcoin. The cryptocurrency could use it as its price floor to form new sessional highs above $50,000. The next point doubles down the theory further.

#2 Accumulation Evidence

IntoTheBlock, another data analytics firm, put forth evidence regarding a higher buying activity near lower bitcoin levels. Their so-called IOMAP indicator showed that traders bought the cryptocurrency en masse when trading between $46,200 and $47,700.

“The IOMAP indicator reveals that Bitcoinis now sitting on the strongest level of support,” said IntoTheBlock. “This level of on-chain support is located between $46,2k and $47,7k. Here, more than 1.66 million addresses previously acquired roughly 878 thousand [bitcoins].”

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
In/Out of the Money Around Price. Source: IntoTheBlock

That further provided a psychological support area to Bitcoin as it targets levels above $50,000. A pseudonymous analyst confirmed that traders increased their long exposure near $47,795, with targets lurking near $52,000.

“Still liking targets of $52,000 after seeing both 1h and 4h super-trends are now bullish,” he added.

#3 Institutional Boom

More tailwinds for Bitcoin’s bullish bias come from mainstream finance. Reuters reported that Goldman Sachs would launch its bitcoin trading desk three years after closing it down on Monday. The next day, a team of researchers at Citi published a report that concluded that Bitcoin is on the verge of massive adoption and that it could one day become a currency of choice for international trade.

Citi researchers also noted that the entry of big players like Tesla and PayPal into the cryptocurrency space validated Bitcoin’s growth case among institutional investors.

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

DOGE

DOGE Founder Calls Out Senator Warren For Anti-Crypto Stance, Elon Musk Agrees

9 hours ago
Bitcoin ‘Targeting $50,000’ In The Next Few Days, These Analysts Say

Bitcoin ‘Targeting $50,000’ In The Next Few Days, These Analysts Say

15 hours ago
Bitcoin ETF

Bitcoin ETF: Catalyst Or Controversy In The Crypto Universe?

20 hours ago
Polygon

Polygon Reigns Supreme With 76% Inscription Activity On EVM Chains

1 day ago
Terra Classic

Terra Classic Price Climbs 77% Amid Do Kwon Extradition Drama

2 days ago
Bitcoin supply

93% Of All Bitcoin Has Now Been Mined, How Much BTC Is Left?

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
Inmerion
Inmerion

Press Releases

  • Weekend Crypto Watch: Bitcoin, Dogecoin & Borroe...

    13 hours ago
  • Four Reasons Why Investors Have Piled Into $CHMPZ After...

    14 hours ago
  • Decoding Market Strategies With Binance Trade Data

    17 hours ago
  • Ethereum (ETH) and Retik Finance (RETIK) are the only two...

    17 hours ago
  • RETIK VS MATIC – Here’s why the utility of DeFi...

    17 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
      • Casino utan svensk licens
      • Non Gamstop Casinos
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • 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
  • Casinos
  • Play Games
  • Play Casino Games
  • Best crypto casino

© 2023 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.