Bitcoin’s price has surged 8% in the past 24 hours and hit $54,000. After breaking the $52,000 barrier, analysts hope to see $50,000 as the new bitcoin support level.
Bitcoin has managed to get over the $52,000 resistance level. The price hit a two-week high by reaching $54,500 on Tuesday, March 9th. The market for the currency is still highly volatile at the time of this writing.
The breaking out of the $52,000 is an affirmative sign for another bitcoin bull run, according to analysts. This week may bring some healthy upside for BTC
Bitcoin Support Level:
The bitcoin support level is building at $50K. This means that price is expected to stay above $50,000 in the week. However, one week is a long time in the crypto market. Small events can change the course of the price trend for bitcoin.
The bitcoin bull run started in December last year. It is different from the one we saw in 2017. This time institutions are increasingly showing interest in the currency. Governments around the world are bringing crypto regulations to add digital currencies into the mainstream. Moreover, financial institutes are at some level ready to integrate blockchain technology into their transaction verification system.
The price of BTC hit $43K on February 28th. It was a great fall after a nearly $58K mark. Institutions took advantage of this opportunity and heavily bought the dip. The bullish approach has now managed to pull the value up again.
In a shareholder letter written by Kjell Inge Rokke, bitcoin is admired in the following words,
“Bitcoin can be verified, divided, re-assembled, stored, and transported at virtually no cost. It’s the perfect scarce digital asset. By design,… All that’s required to keep the network running is allocating the cheapest electricity in the world. Electricity secures the network. No trusted parties or people with guns are needed. I call that progress.”
No amount of chart reading can effectively help us in reading the charts. Therefore, we need to constantly follow market news for trends and updates. Nonetheless, hodlers believe that BTC is up for another record-breaking rally.