With Bitcoin breaking past $50,000 there’s no stopping now as we are witnessing the new all-time high for the benchmark cryptocurrency. BTC was setting new records over the past few months after it consolidated for weeks as well but managed to make new highs and it is now trading at $50,800 for the first time in history so let’s read more about today’s latest Bitcoin news.
Within moments of hitting the $50K range, the sell orders started signaling and the initial rejection will most likely suggest that the psychological resistance levels will be tough to crack. Bitcoin breaking past a pivotal level this high is the first time in history so here’s what could happen next. BTC poked above $50,000 for the first time ever and the price point was a good place for sellers to set for the short or long-term price targets for their investment. When the price action made its way above $50K, plenty of sell orders started showing up and pushed bitcoin $2000 below again.
The reason for the increase in the bullish momentum despite the higher prices is the corporate and institutional demand as Konstantin Anissimov from CEX.io noted. He also added that the “legal initiatives coming from the American Lawmakers and regional politicians” had a positive impact on crypto adoption. Demand is not coming from these categories only but celebs like actors, musicians, and athletes are showing support for the asset especially people like Elon Musk, Jack Dorsey, and Michael Saylor.
In terms of where will BTC go next, there’s stopping now It seems because the direction Is mostly likely up. The on-chain metrics continue to lean bullish as BTC held on exchanges dropped by the day while addresses holding 1000 coins or more went parabolic. For the bearish signals, there weren’t many noticed on the charts but reversals could still come when traders least expect it and the $50K region could be a level that is attractive to take the profits despite the lack of selling orders right now.
The coinbase premium that’s remained prominent over the past few months has diminished which only suggests that the spot buying power will be only waning in the near-term.
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