Bitcoin beat two-week highs on March 10 as bulls propelled the largest cryptocurrency into final resistance at $56,000 before an attack on all-time highs.
Markets Report: Bitcoin hits $54,500 amid rumors Oracle wants 70,000 BTC
Unsubstantiated reports say that an announcement from Oracle will come this week and could see it become an instant Bitcoin heavyweight
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.
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.
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.