Bitcoin (BTC) shatters several lines of resistance as its breaks past $50K
With the market cap of the crypto industry hitting a high of $1.50 trillion, Bitcoin accounted for almost $920 billion- around 61.3%. It is noteworthy that the surge in the market capitalization was largely occasioned by the increase in price.
Back when BTC’s market cap was still at $800 billion, the asset had taken over prominent firms like Tesla and Facebook. Now, Bitcoin seems to be aiming for Tencent’s sixth position as the latter’s market cap is at $950 billion. The persistence of the current trend could push the king coin above several giants.
At the time of writing, Bitcoin was trading at $49,342. Specifically, the asset was in its retracement period as it hit an all-time high of $50,341, earlier today. Expectedly, the mark elevated the spirits of the BTC community. Over the past seven days, BTC had surged by over 7%, while the last 24-hours had insinuated a price change of merely 2%.
Bitcoin one-hour chart on Binance
Bitcoin [BTC] was still hoarding bulls in its short-term price chart. The Parabolic SAR indicator with dotted lines below the candlesticks suggested that the possibility of a downward breakout was limited. The daily moving average indicator underwent a bullish crossover with the 50 daily moving average [Blue] above the 100 daily moving average [Red]. Furthermore, the volume in the BTC market on Binance was quite high.
Bitcoin one-day chart on Binance
The long-term price chart of BTC revealed that the asset wasn’t going to get off from its throne as the largest cryptocurrency. The Chaikin Money Flow indicator affirmed the presence of bulls by dwelling above zero. This further negated the possibility of the king coin slumping lower than $49K. The Relative Strength Index indicator exposed that Bitcoin was being overbought and has been the same since the beginning of this month.
Reacting to the latest developments, Anthony Pompliano aka Pomp, founder and partner at Morgan Creek Digital, suggested that continuity of the trend could push Bitcoin to greater heights – possibly $100K before the end of 2021.
Bitcoin becomes more attractive to legacy players the higher the US dollar price goes.
Not many financial assets have that benefit.
— Pomp ? (@APompliano) February 16, 2021
An array of people went on to tweet about BTC’s latest journey to the $50K mark.