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

The 9th. March, bitcoin (BTC) broke through the key resistance level of $52,000 overnight, hitting an all-time high of 6%.

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

BTC price reaches highest point in two weeks

Data from Cointelegraph Markets and Tradingview showed that BTC/USD reached local highs of $54,500 on Tuesday.

The recent attempt to break out of its sideways trading lane is still consolidating at the time of writing. In a highly volatile environment, daily corrections were targeted at $53,500 – still above the critical resistance level.

As reported by Cointelegraph, analysts saw $52,000 as a line in the sand to secure the next phase of bitcoin’s rise.

Although the weekend provided a healthy rebound, bitcoin had yet to solidify the $50,000 mark from earlier this week.

However, after gaining nearly 8% in 24 hours, things quickly improved on Tuesday after data showed that $47,000 was a remarkably strong support level.

Bitcoin jumps >$54k, boosted by new signs of institutional interest in the largest cryptocurrency, Holger Zschaepitz, market commentator and editor of German newspaper Die Welt, summed up for Twitter readers.

Interest from institutional investors distinguishes the recent bull market from retail growth in 2017, Goldman said. Most institutional requests were motivated by fears of asset devaluation.

Zschaepitz cited data from Goldman Sachs, which shows, among other things, that 40% of its own customers already have access to cryptocurrencies.

Analyst for $70,000 Bitcoin: Destiny awaits

The institutional picture became even more optimistic on Monday after one of Norway’s richest men set up a bitcoin-focused subsidiary that uses BTC as its only asset.

Bitcoins can be authenticated, shared, reassembled, stored and transported at virtually no cost. It is an utterly rare digital asset. This is intentional, Kjell Inge Rocke wrote in a widely circulated letter to shareholders.

To make the grid work, you just have to distribute the cheapest electricity in the world. Electricity secures the grid. You don’t need reliable people or people with guns. I call it progress.

Elsewhere, Hodler’s bullish sentiment saw bitcoin’s daily moving average convergence/divergence (MACD) indicator develop, which on Monday repeated the behavior that had previously led to an advance to a record high of $58,300 in February.

1 day candlestick chart BTC/USD (Bitstamp) with Fibonacci levels. Source : filbfilb

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

Fate awaits, added Cointelegraph market analyst filbfilb in an update to Telegram subscribers, emphasizing a target range of $70,000+ using Fibonacci levels.

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