The price of Bitcoin (BTC) has risen steadily in recent weeks and reached its latest high of $ 57,500 on February 20.
News such as the first time a company registered on the German stock exchange allocates its cash reserves to BTC and the launch of the first Bitcoin ETF in Canada, which traded over $ 220 million at its first release, supported BTC's launch.
Besides, if the BTC price continues to remain at $ 57,000 levels, it is said that $ 63,000 levels will arrive in the near future.
The four-hour chart for Bitcoin clearly makes its way upward as it breaks out of the range structure between $ 30,000 and $ 42,000. Since then, substantial levels of $ 44,000 and $ 50,000 have been held as support, which has served as the launch pad for current highs above $ 55,000.
This trend is also due to decreasing reserves in stock exchanges. This is very similar to the end of 2016, when more Bitcoin was withdrawn than deposited from exchanges. These withdrawals mean people want to keep their Bitcoins in the long term, indicating strong demand and low time preference.
During the last rally, the first Fibonacci level was reached at 1.618. Now Bitcoin is approaching the second point of interest around $ 63,000 at the 2,618 Fibonacci level.
On the downside, the $ 50,000 level is crucial on the four-hour chart. If this support continues, there is a good chance that Bitcoin's price will reach the next level. However, if $ 50,000 is broken, the price could come to $ 43,000.
The total crypto market cap reached $ 1.7 trillion.
Meanwhile, total cryptocurrency market capitalization is approaching $ 2 trillion points in this cycle, which many people did not expect last year.
However, after breaking through 2017's all-time high, the next level of interest was the $ 1.2 trillion level, which is also the 1.618 Fibonacci area.
This zone has been broken from above and its market cap is currently targeting $ 1.85 trillion, the Fibonacci level of 2.618.
As long as $ 55,000 is held, not much prevents Bitcoin's price from reaching the next Fibonacci level of $ 63,000.
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