Bitcoin climbed to within $4,000 of all-time highs on March 9 as rumors swirled over an imminent buy-in which would rival MicroStrategy. The move was music to the ears of traders, who had been waiting for a decisive attack on both $50,000 for support and a flip of resistance higher up at $52,000 to cement the prospect of the bull run continuing.
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Markets Report: Bitcoin clings to $50K
The second-highest weekly close in history fuels optimism among bulls yet rangebound behavior remains
With the weekend producing near 7% gains, rangebound behavior still characterizes the mood as BTC/USD remains near its position from the same time last week. Bitcoin "clearly has to break above the $52K breaker to see continuation here towards $56K. On the downside: Failing to hold $46,500 and I'll assume we'll see a lows test at $42,000,”said popular trader Michaël van de Poppe.
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Markets Report: Analyst predicting $37K Bitcoin’s ‘ultimate bottom’
While institutions keep happily buying the dip, a failure to recapture $50,000 this week means that bulls are not out of the woods
Bitcoin has spent a week circling $50,000 as endless positive news from institutions contrasts with a lack of upward price momentum. With all-time highs still out of reach, commentators have been asking themselves what would be needed to reignite the bull market which has characterized most of 2021.
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Markets Report: Grayscale ‘panic selling’ may mean BTC bottom is in, says analyst
A return to below $50,000 for Bitcoin comes as Grayscale Bitcoin Trust exhibits a historically accurate sign that the market has bottomed
Bitcoin came full circle on March 4 after a trip to over $52,000 triggered a swift sell-off and loss of $50,000 support. Data from price trackers including CoinMarketCap and Tradingview showed a day of regression for BTC/USD, which dropped 7% in 24 hours to cancel out the previous day’s gains.
