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Nexo

No End In Sight: Record-Setting Bitcoin Rally Breaks Past $50,000

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
0
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Bitcoin price has been on an absolute tear, setting record after record over the last several months. After consolidating for weeks at a level more than double the last cycle’s peak, Bitcoin is back to making new highs and now has now traded at $50,000 for the first time in its more than decade long existence.

Within moments of touching $50,000, however, sell orders began triggering. The initial rejection could suggest that the phycological resistance level might be a tough nut to crack. With the first ever cryptocurrency reaching such a pivotal level, here’s what could happen in the days ahead.

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Bitcoin Blasts To $50,000 As Epic Rally Continues

Bitcoin this morning momentarily poked above $50,000 for the first time ever. The price point is a logical place for sellers to have set for a short- or long-term price target for their investment. When price action made its way a few hundred dollars above $50,000, enough sell orders triggered to send Bitcoin dropping by $2,000 back to $48,500, which now appears to be ironclad support.

bitcoin btc market 50000 50k

No 15 minute candles or higher could close above $50,000 on Binance | Source: BTCUSDT on TradingView.com

The reason for the increased bullish momentum despite higher prices, says Konstantin Anissimov, Executive Director at CEX.IO, is “corporate and institutional demand.” Anissimov also adds that “legal initiatives coming from American lawmakers and regional politicians” has had a positive impact on the adoption of cryptocurrencies as a whole.

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RELATED READING | BITCOIN HASN’T REACHED MANIA STAGE YET, ACCORDING TO THIS METRIC

Demand isn’t only coming from those categories of investors these days, however. Celebs like musicians, actors, and athletes are showing support of the asset class, along with CEOs like Jack Dorsey and Michael Saylor. The influence of these figures as reignited retail interest in the crypto space, notably surrounding Dogecoin, and “small cap” altcoins that have boomed during the month of February thus far.

In terms of where Bitcoin might go next, the direction is more than likely up. On-chain metrics continue to lean bullish. BTC held on exchanges drops by the day, while addresses holding 1000 coins or more have gone parabolic. Supporting capital by the way of a sea of stablecoins sidelined and ready to flow into crypto, could keep the uptrend climbing for some time.

bitcoin btc market

The uptrend has taken Bitcoin to over $50,000 for the first time | Source: BTCUSDT on TradingView.com

For bearish signals, there aren’t very many, however, reversals can come when it is least expected, and $50,000 could be a level that’s attractive to take profit, despite a lack of sell orders currently. The Coinbase “premium” that’s remained prominent throughout the last several months has diminished, suggesting that spot buying power could be beginning to wane.

If Bitcoin can get through $50,000 and make it to the $1 trillion market cap, a flood of capital could soon be coming.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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