Bitcoin surged back above $50,000 in today's trading, climbing over 5% to $50972
Bitcoin bounces back above the $50,000 level
Bitcoin rose again above the $50,000 level during today's trading, rising more than 5% to reach $50,972 Currency Binance By over 4% to reach $545.81, while Litecoin added more than 6% gains to trade at $163.90.
Earlier this week, the leading cryptocurrency broke through the $49,000 mark after trading below the $50,000 mark for most of December.
The currency’s performance has been mixed since the crash in early December, the initial crash was seen as a good buying opportunity, but investor appetite waned as cryptocurrencies remained in the red, and analysis of sentiment among retail investors indicates that while the initial crash was seen As a buying opportunity, this position waned during the weeks when the cryptocurrency markets were in the red.
Bitcoin performance over the course of the week
We saw the first bullish attempt on Sunday, but the price refused to trade above $48,000 and went back to $46,000, after that, things started looking positive, and bitcoin started going up around $50k, it almost reached that coveted level on Wednesday However, the currency could not maintain its upward momentum, to return to the bottom again and was pushed towards 48 thousand dollars.
The currency’s performance on Thursday and Friday changed towards the positive, although the price rose from below $49,000 and reached an intraday high around $51,500, the price is now trading just under $51,000 with a total increase of about 6.5 % in seven days.
Recovery in late December
I started digital currency Standards are on the rise from December 21 onwards, however, Bitcoin technical metrics remain slightly bearish, although they are starting to react positively to price momentum.
It would be wise to keep an eye on the Bitcoin sentiment chart in particular, assuming we see another breakout above $50,000 in the coming days, a fresh wave of selling euphoria could signal a renewed risk to the benchmark currency.
Since the beginning of December, Bitcoin has been trying hard to break through $50K, and this continued decline has helped the Bitcoin sentiment as it provided fertile ground for prices to recover, which is what we are currently seeing when prices rebounded back above the $50K levels.
The company has bought MicroStrategy The business has generated a total of 122,478 bitcoins since the third quarter of 2020 so far, and said in a presentation to investors last week that it “creates a family of bitcoin-backed instruments using the full spectrum across the capital structure,” adding that the company “will continue to leverage our budget.” publicity as an asset to buy more of the leading currency.”
According to the presentation, company executives believe it is “too early” in the Bitcoin adoption cycle. Bitcoin is a very small part of the world’s assets, and increased institutional adoption will drive up prices. The presentation cited analyst predictions that the price of Bitcoin could cross 100,000 The five-year target for bitcoin is $500,000.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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