Forex and Crypto News

Bitcoin lacks support to continue growth

15:01 12 February /2021

For the past three days, the pair BTC/USD has been trading in the range of $44200- $48300. The pair tried to break out of this range several times, but the level of $49000 offered enough resistance and brought the pair back into the range. According to the chart, the pair BTC/USD lacks support to maintain its growth momentum and approach the psychological level of $50000.

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At the time of publication, the pair BTC/USD is trading at $46500, but traders remain positive. The market is gearing up for a resumption of the bullish rally to set a new all-time high at $50000. Data from Arcane Research suggests the chances of renewed growth remain.

At the same time, Arcane Research draws attention to the ongoing outflow of cryptocurrency from trading platforms. There is already a "supply shortage" on the exchanges, which should have a positive effect on the BTC price.

In addition, the news that MasterCard may launch a service for processing cryptocurrency transactions is fueling bullish sentiment.

Fundamental factors indicate that the long-term positive trend remains. The chances of a breakout are now much greater than a Bitcoin pullback, analysts predict.

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