Bitcoin Smashes Through The Mid 50K Level at 54K

Bitcoin (BTC) trading around $54,368.84 at the time of 21:00 UTC (4 p.m. ET). Climbing 5.02% on the previous a day. Bitcoin’s range that is 24-hour $51,428.66-$54,813.03
BTC trades above its 10-hour and 50-hour averages in the chart that is hourly a bullish signal for market technicians.

Bitcoin headed for its 5th straight day-to-day gain, the winning streak that is longest this year, as a pullback in U.S. government-bond yields rekindled need for high-risk assets like technology shares and cryptocurrencies.

Analysts who monitor price-chart patterns stated bitcoin’s climb to about $54,000 could place the cryptocurrency that is largest for a fresh ascent toward final month’s record price above $58,000, and after that potentially to $60,000 or higher.

“Bitcoin is recovering after having logged a short-term reading that is oversold late February above its increasing 10-week moving average,” Katie Stockton, a technical analyst for Fairlead Strategies, wrote in her newsletter on Tuesday. “Short-term momentum is positive and there is space to initial and opposition that is final $58,000.”

According to Konstantin Anissimov, executive manager of U.K.-based crypto exchange, in a regular newsletter on Tuesday, the cryptocurrency that is oldest was additionally getting uplift on Tuesday through the continued momentum of President Joe Biden’s proposed $1.9 billion coronavirus relief package, which can be made to stimulate the U.S. economy.

Some investors state that bitcoin might act as an hedge that is beneficial inflation in the event that flooding of money ends up spurring cost increases.

Just like earlier in the day stimulus bills since the coronavirus hit a ago, bitcoin’s cost seems to gain year. “Should history repeat itself, bitcoin will likely be on course to retest price that is brand new above its past all-time a lot of $58,000 within the coming weeks or months,” Anissimov added.