Bitcoin has finally successfully managed to reach $50,000 in the middle of their bullish trend, institutional adoption as well as BTC allocations by the large firms including MicroStrategy.
BTC has now spiked to a brand new all-time high as of 16th February 2021 right after one week of bullish news like Tesla acknowledging BTC along with MicroStrategy intending to increase an additional $600 million in order to purchase Bitcoin.
Landmark Moment For Bitcoin
According to the reports of TradingView BTC/USD has surged more than 5% within a matter of few hours on 16th February following the confirmation from BNY Mellon regarding the clients of asset management in store of cryptocurrency and the rumors going around about Morgan Stanley.
Bitcoin has finally hit their landmark point after these activities and touched the mark of $50,000 which is psychologically significant. This took place after many days of their sideways movement while the tussle between the whales was going on.
The bulls were originally taking control over BTC after the $1.5 billion investment news from Tesla came into the market on 8th February. During that time, among the several naysayers, European Central Bank had claimed that all central banks will not engage with BTC in the future.
In addition, several analysts during the derivatives platform of Deribit noticed that BNY Mellon has already taken care of reshaping the investor perspective.
Sellers had decided to line up from $49,500 to $50,000 with a surged support at the mark of $46,500. This was reported by order book data.
Tesla’s investment along with Acceptance from Mastercard had made this historic journey a reality for BTC. Such positive catalysts attracted the right investors towards BTC, increasing their price.
