(DAILY NOTION): The Unstoppable Bitcoin Bulls

Source: Yahoo Finance

On Feb 14, as the world celebrated Valentine’s Day, Bitcoin fans too received a sweet surprise as the bulls surged to hit a new all-time high of $49, 485.17. Now, many are wondering when will the $50,000 mark be achieved?

Taking a look at the technical levels, the Relative Strength Index (RSI) is currently at a midpoint of 48, having subsided from 74. The highest point that the RSI hit yesterday was at 96, before BTC/USD hit its peak. It has then gradually dipped, and even hit a low of 21, when the price hit its day’s low of $48, 287.44 yesterday. The RSI is painting a picture of the market that has its eyes upon the BTC/USD space, but ready to move out and in as the price progresses.

Meanwhile, the Moving Average Convergence Divergence (MACD) is currently pointing towards a bullish trend, although the bears are putting up a good fight. There was also a rising wedge pattern that was spotted on the charts, signalling a bearish trend. At the time of writing, BTC/USD stands at $48, 931.01 and is currently trading above its 50-day Moving Average (MA).

Key resistance lies at $49,750, above the upper line of the bearish chart pattern, and if the bulls are successful to take this, $50,000 will be next before the $100,000 psychological magnet for the market, reports analyst Anil Panchal from FX Street. Meanwhile, on the downside, key support levels are at $47,300, $43,350, and $37,365, which is the 200-bar Simple Moving Average (SMA).

Fundamentally, things look bright for the Bitcoin. Recently, Bloomberg has reported that Morgan Stanley is interested to invest in Bitcoin, via its investment arm, Counterpoint Global; making it the latest institutional investor to follow the bold footsteps of Tesla. Cable News Network (CNN) has also reported that Mastercard will be supporting ‘select cryptocurrencies’ directly on its network sometime in 2021. Through this, millions of Mastercard holders will be even more exposed to cryptocurrencies. That’s not all. PayPal has also announced that they are considering adding cryptocurrency as a payment option in Venmo. Similarly, the Chief Executive Officer of Uber, Dara Khosrowshahi has also said that they would consider accepting Bitcoin as a payment option.

Another feather in Bitcoin’s growing cap would be Bank of New York Mellon’s announcement that it will begin financing bitcoin, along with other digital currencies. This news, from the oldest bank in the United States, clearly shows us that even the ‘old guard’ of the financial world is beginning to welcome Bitcoin.

The famous rapper Jay-Z recently announced a collaboration with Jack Dorsey, the Chief Executive Officer of Twitter and Square, where the duo will be establishing a new Bitcoin fund which will initially focus on Africa and India.

Reading this, one cannot help but see how the Bitcoin hype is sweeping wide and sweeping fast across the world, from entertainers to banks to entrepreneurs. Only time can tell how long can this hype remain, or if Bitcoin will someday successfully make its mark as a preferred currency. But for this moment as a brand-new week starts, there seems only one word to aptly describe the BTC/USD bulls: unstoppable.

BTC/USD (as of Feb 15, 2021, 10.05 a.m., GMT +8) - $48,931.01

FOLLOWME BTC/USD User Sentiment (as of Feb 15, 2021 at 10.50 a.m.)

Short – 61.78%

Long – 38.22%

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