The Bitcoin price that is very important is indicating that the leading traders are comfortably placed as well as expects BTC to acquire the level of $50,000 within a short term.
Bitcoin price has recently released a gain of 25% after the news of the week arrived that Tesla has made a massive investment of $1.5 billion in the cryptocurrency. Before the news came out, BTC was quite behind in comparison to the performance of Ether by almost 7.5%. However, the several bullish events that took place in the last few days have helped Bitcoin to reach a record high of $48,900.
Bitcoin Price Runs Towards $50k
Before the announcement of Tesla came out, Bitcoin prices had been trading between the range of $30,000 and $41,500 for the past three weeks. After this BTC price has broken out as expected by the arbitrage desks and pro traders in order to pursue the bullish pattern.
Instead of changing long, several of the leading traders have started short positions while Bitcoin opened their 25% move. It appears to be risky due to the reason that this week BTC acquired praises from the co-president of JPMorgan as well as the regulators have approved the BTC ETF in Canada.
Historical data has revealed the Bitcoin price activities try to trade like Ether that has shown a strong bullish pattern for several months. In addition to the bullish trend, the Lightning Network of BTC has announced the highest node count along with a total value locked exceeding $42 million.
Recently, Mastercard has announced to extend its support to cryptocurrency payments through the network within the year 2021.
The market of balanced derivatives indicates large room for purchasing activity in case BTC maintains their rally to reach $50,000.
