BTC got really close to reaching $50,000 this weekend, rising from a weekly low of $38,870 to a new ATH of $49,714. The price started to dip soon after, but then it grew again as bulls started to retake control. At the moment, the BTC price is $47,512.
Bitcoin’s Price Grows
This amazing rise followed a very bullish sentiment in a week during which MasterCard announced support for Bitcoin and other cryptos in the future.
Friday, Jay-Z and Jack Dorsey contributed to the bullish outlook when they disclosed their plans for an upcoming Bitcoin development fund that would focus on Africa and India. Of course, we can’t overlook Tesla’s announcement that it owns $1.5 billion BTC.
Overall, it looks like Bitcoin is going to continue to grow across 2021.
Ki Young Ju, the CEO of CryptoQuant, believes that another rise will follow and has talked about the increasing level of stablecoins inflow into exchanges:
Bitcoin Price: BTC/USD
The bulls also receive support from a hidden bullish divergence as shown by the Relative Strength Index.
Bitcoin has shown potential for the $47,000 level. If the upward momentum goes over $48,000, BTC could reach the long-awaited $50k level. If this psychological barrier is broken, then BTC/USD could reach $54,000 within a week.