Bitcoin Surpasses The $50,000 Mark As Institutional Investors Drive Prices Up
Bitcoin has shown some impressive performances as it keeps pushing towards attaining more significant highs. Experts explain that the asset’s most astonishing push currently remains the institutional investors, who recently took an interest in the digital asset. The buyers invest millions into the market, which causes an upturn movement despite the selling pressure.
Tesla’s investment could be the influence, making other deep-pocket individuals join the investment train. People are starting to buy the asset at a rapid speed to following the current digital asset trend. Many people believed that the asset was pursuing the iconic $50,000 mark, and it didn’t come as a surprise when the crypto finally attained its goal. Unfortunately, when the price reached the mark, it declined soon after, showing some resistance around that level.
Bitcoin overcomes the $48,000 resistance point
The asset struggled with the point for some days since it hit that position during Tesla’s buy. Still, the asset took $50,500 before the price faced some slight correction as bears dragged down prices at the early hour. Even with the market bulls’ presence, the selling pressure made the asset decline as traders are profit-taking as a result of the new price growth.
The previous $48,000 resistance became its support as the price dropped to that price range. Now, the asset’s resistance levels are around $48,000, $49,000 and $50,000, while it support holds around $35,000, $34,000, $33,000.
For the past few days, the asset’s price growth showed that moving towards $50,000 was inevitable, even as the price rejects. Experts opine that if the asset would eventually surpass the $50,000 point, that would help the bulls take the value to an even higher high. Charts show that there are sell-offs above the $50,000 resistance level, which necessitated the price drop from $50,000 to $48,000.
Presently, the asset is trading around $51,000, showing that the asset surpassed the $50,000 level and gained more value within the 24-hour timeframe. Some analysis shows that if bulls continue to push the price past the $50,000 resistance and sustain their action, the price could move as high as $60,000.
Selling pressure increases as BTC grows
Another problem that could affect price growth would be the growing selling pressure, causing price fluctuations. Retail traders are rapidly selling their assets before a correction occurs, and the bears drag the prices down. Interestingly, sell-offs weaken the asset, making it easier for bears to control the market.
Another rejection around the $50,000 range could mean that the asset would fall to its closest support, being the $44,000 range. If the price drop occurs, selling pressure will intensify because traders would not want to lose the profits associated with the price growth.
Some factors could discourage rapid price growth, such as the recent crypto ban in India. India is a populous country that has many citizens interested in the world of digital assets. Coinbase’s CTO spoke on the ban and said it is like banning the internet. More officials clarified that the ban would eventually occur, but holders would be given a period to convert their crypto to legal tenders.
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