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Bitcoin price cracks major resistance as analyst eyes $70K ‘destiny’

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Bitcoin (BTC) tackled pivotal $52,000 resistance in a single day on March 9 to return inside 6% of historic all-time highs.

BTC/USD 1-hour candle chart (Bitstamp). Supply: Tradingview

BTC price hits 2-week highs

Knowledge from Cointelegraph Markets and Tradingview confirmed BTC/USD hitting native highs of $54,500 on Tuesday.

The newest try to interrupt out of its sideways buying and selling hall, the transfer was nonetheless consolidating on the time of writing. Amid heavy volatility, a retracement on the day focused $53,500 — nonetheless above essential resistance.

As Cointelegraph reported, analysts had been eyeing $52,000 as a line within the sand for securing the subsequent stage of the Bitcoin bull run.

Whereas the weekend produced wholesome upside, Bitcoin had nonetheless to cement even $50,000 as sturdy assist as the week’s buying and selling started.

On the again of 24-hour positive factors topping 8%, nonetheless, the image on Tuesday was quick bettering, after proof confirmed that $47,000 had change into conspicuously sturdy assist.

“Bitcoin jumps >$54k aided by more signs of institutional interest in the largest cryptocurrency,” markets commentator and contributor to German information every day Die Welt, Holger Zschaepitz, summarized to Twitter followers.

“Institutional interest sets the latest bull run apart from 2017’s retail-driven surge, Goldman says. Much of the institutional demand has been driven by fears around asset devaluation.”

Zschaepitz was referencing findings from Goldman Sachs, which amongst different issues additionally revealed that 40% of its personal shoppers have already got publicity to cryptocurrencies.

Analyst on $70,000 Bitcoin: “Future awaits”

The institutional image turned much more bullish on Monday after one in all Norway’s richest folks launched a Bitcoin-focused spin-off agency utilizing BTC as its sole treasury asset.

“Bit­coin can be ver­i­fied, di­vid­ed, re-as­sem­bled, stored, and trans­port­ed at vir­tu­al­ly no cost. It’s the per­fect scarce digi­tal as­set. By de­sign,” Kjell Inge Røkke wrote in a widely-circulated shareholder letter.

“All that’s re­quired to keep the net­work run­ning, is al­lo­cat­ing the cheap­est elec­tric­i­ty in the world. Elec­tric­i­ty se­cures the net­work. No trust­ed par­ties or peo­ple with guns are need­ed. I call that progress.”

Elsewhere, hodlers had been watching a bullish setup unfold in Bitcoin’s every day shifting common convergence/ divergence (MACD) indicator, which on Monday was primed to repeat conduct which beforehand resulted in February’s march to $58,300 document highs.

BTC/USD 1-day candle chart (Bitstamp) with Fibonacci ranges. Supply: filbfilb

“Destiny awaits,” Cointelegraph Markets analyst filbfilb added in an replace to Telegram channel subscribers, highlighting a goal space of $70,000 and better utilizing Fibonacci ranges.

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