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: Bitcoin hits $52,650 a day after U.S. Senator says it will ‘end badly’
The battle for higher support is on after 7% daily gains encounter turbulence at last week’s top
Bitcoin posted new weekly highs above $52,000 as a resurgence in positive sentiment combined with persistent institutional buying. Analyzing exchange data, Ki Young Ju, CEO of on-chain analytics resource CryptoQuant, argued that to all intents and purposes, the BTC price dip had finished after its brief visit to $43,000.
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Markets Report: Bitcoin sees new $50K spike as rumors swirl over Twitter buy-in
A $1.25 billion convertible note offering from Twitter has pundits talking about a MicroStrategy copycat move into BTC
Bitcoin stayed higher on March 2 after overnight progress saw a brief return to $50,000. A subsequent dip to $48,400 bounced to leave the pair at around $49,000 at press time prior to the Wall Street open. For popular trader Scott Melker, the overall trend was plain to see — Bitcoin had a solid month in February, regardless of its short-term ups and downs.
