Last night Bitcoin price hit its high, reaching $52640. The cryptocurrency was able to reach this level in three stages: first, Bitcoin rose above $49000, then on February 17, the price rose above $50000, and on the same day rose above $52000. At the time of publication, the price is showing a correction. The BTC/USD pair is trading around $51400.
As investors say, it is now difficult to predict the further movement of the Bitcoin price. After the price rose above $50000, the market situation became nervous. The bullish momentum dries up, the inevitability of a correction is obvious and creates some nervousness. Analysts are confident that Bitcoin price is currently at its peak and a bearish correction is inevitable. In the coming days, the price of Bitcoin may roll back below the 50000 levels, but no more. The level of 49000 will provide sufficient support.
According to data from the blockchain analytical platform Glassnode, in early February the supply of a cryptocurrency in exchange wallets fell to a minimum in 2,5 years.
According to analysts at JP Morgan, the near-trillion dollar value of the market capitalization of Bitcoin is being formed thanks to the inelastic supply of Bitcoin and the activity of retail rather than institutional investors.
The CryptoQuant team continues to record the influx of stablecoins to exchanges. This is a bullish signal. The volume of BTC on exchanges, on the contrary, is declining, which also indicates the dominance of a positive trend.