Bitcoin (BTC) for the night of March 9 met a key resistance of $ 52,000 and was within 6% of its full-time high.
Bitcoin prices will peak in two weeks
Data from the Cointelegraph and Tradingview markets showed that the BTC / USD exchange rate on Tuesday reached its local high of $ 54,500.
In a recent attempt to leave the side trade band at the time of writing, the move has been consolidated. In the midst of extreme volatility, the daily withdrawal was targeted at $ 53,500 – still above critical resistance.
As the Cointelegraph reports, analysts saw $ 52,000 as a line in the sand to secure the next leg of the Bitcoin rally.
While the weekend triggered a healthy rally, Bitcoin should still be consolidated to $ 50,000 as strong support from the start of the trading week.
Amid 24-hour gains of more than 8%, the picture improved rapidly on Tuesday after data showed that $ 47,000 was clearly strong support.
“Bitcoin increases by more than $ 54,000 on new signs of institutional interest in the largest cryptocurrency,” market commentator and author of the German newspaper Die Welt summed up Holger Zschaepitz’s Twitter followers.
“Institutional interest is driving the latest retail growth in 2017,” says Goldman. “Much of the institutional demand is driven by devaluation problems.”
Zshaepitz referred to the findings of Goldman Sachs, which also showed, among other things, that 40% of customers are actually affected by cryptocurrencies.
Bitcoin analyst for 70 thousand dollars: “Fate awaits”
The corporate picture became more optimistic on Monday after one of Norway’s richest men announced Bitcoin-focused trading, with BTC as the only asset.
Bitcoin can be verified, shared, regrouped, stored and transferred free of charge. It’s the perfect rare digital asset. By design, Kjell wrote to Inge Rökke in a widely circulated letter to shareholders.
“All it takes to keep the grid going is to distribute the world’s cheapest electricity. Electricity is provided by the network. There is no need for reliable parties or men with weapons. I call it progress. ”
Elsewhere, fraudsters are watching the development of Bitcoin’s indicator for Daily Moving Convergence / Divergence (MACD), which on Monday was to repeat the behavior that previously led to the February rally to a record high of $ 58,300.
“Fate awaits,” added Filbfilb Cointelegraph Markets analyst in an update for Telegram subscribers, highlighting a target range of $ 70,000 and above using Fibonacci levels.