As March started, the Bitcoin bulls began to show resilience and surged upwards to hit the current week’s high of $50,076.68. Since then, it has pulled back a little and at the time of writing, BTC/USD is at $48,321.45.
Taking a broader look at the technical indicators, BTC/USD is currently above its 50-day Simple Moving Average (SMA), as indicated by the purple line in the chart below. Similarly, the Moving Average Convergence Divergence (MACD) is also currently reflecting a bullish trend. Meanwhile, the Relative Strength Index has been gradually moving upwards and is currently at 68.
Source: Yahoo Finance
The bulls will face resistance at $50,000, as reported by analyst John Isige from FX Street. Meanwhile, the 200-SMA, which is a recent support level, lies at $45,000.
Despite a recent rally, BTC/USD has got competition on its upwards journey which is the potential strengthening of the USD. Recent concerns about rising inflation would be fuel for the greenback to inch higher.
Furthermore, recent data from the U.S. indicates that an economic recovery could be underway, and this sense of optimism is also fuelled by the progress of the Biden Stimulus Package, deemed to be able to resuscitate the U.S. economy further. The latest U.S. Data such as the Markit and Institute of Supply Management (ISM) Manufacturing Purchasing Managers Index (PMI), both came in higher than forecast.
Recently, Goldman Sachs, a well-known name in investment banking, has announced plans of reopening its cryptocurrency trading desk by mid of this month. This development is another feather in Bitcoin’s cap of making progress in the financial world, following the move of Bank of New York Mellon, the oldest bank in the United States to begin financing bitcoins and other forms of digital currencies.
In its recent report, Citi has stated that Bitcoin is at a ‘tipping point’, following the recent support from institutional investors. The Merriam-Webster dictionary defines tipping point as ‘the critical point in a situation, process, or system beyond which a significant and often unstoppable effect or change takes place.’ This is certainly an apt description of where the Bitcoin bulls are at this moment in time. The outcome of their battle would certainly chart the way for Bitcoin in the coming days.
BTC/USD (as of Mar 3, 2021, 10 a.m., GMT +8) - $48,321.45
FOLLOWME BTC/USD User Sentiment (as of Mar 3, 2021 at 10.40 a.m.)
Short – 61.62%
Long – 38.38%
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