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Bitcoin price breaks through key resistance

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Bitcoin price breaks through key resistance: Analyst forecasts 70,000 US dollars

Overnight, Bitcoin made it to 54,500 US dollars. Hopes are high that US$50,000 will now act as support.

Bitcoin (BTC) broke through key resistance at US$52,000 overnight on 9 March and is now just 6 percent below its all-time high.

Data from Cointelegraph Markets and Tradingview shows that the BTC/USD pair hit local highs of $54,500 on Tuesday.

At the time of writing, the attempt to break out of the stagnant trading corridor still ended in Bitcoin Aussie System consolidation. There is a lot of volatility and Bitcoin currently stands at around US$53,500. This is still well above key resistance.

As Cointelegraph reported, analysts considered the US$52,000 level as an important level for the next phase of bitcoin’s bull market.

The weekend produced a healthy uptrend. At the beginning of the week, Bitcoin had yet to establish US$50,000 as a strong support level.

However, after growing by over 8 percent in 24 hours, the situation quickly improved on Tuesday. It has become apparent that US$47,000 has become a very strong support.

„Bitcoin is rising above 54,000 US dollars. It gets support from further institutional interest in the largest cryptocurrency,“ market commentator and contributor to German newspaper Die Welt Holger Zschaepitz summarised on Twitter.

„Institutional interest distinguishes the current bull market from the bull market in 2017, which was driven by retail,“ Goldman said. Much of the institutional demand has been driven by fear of asset devaluation.“

Zschaepitz was referring to Goldman Sachs findings, which included that 40 percent of its own clients already had some exposure to cryptocurrencies.

Analyst on bitcoin price of 70,000 US dollars: „Fate awaits“

Institutional demand even improved on Monday after one of Norway’s richest people set up a Bitcoin-focused subsidiary using BTC as the sole asset for his finances.

„Bitcoin can be verified, shared, reassembled, stored and transported at virtually no cost. It is the perfect scarce digital commodity. This is by design,“ as Kjell Inge Røkke wrote in a prompt letter to shareholders.

„The only thing needed to keep the grid running is the cheapest electricity in the world. Electricity secures the grid. No trusted parties or people with guns are needed. That’s what I call progress.“

A bullish constellation unfolded in Bitcoin’s daily MACD. Monday saw a repeat of the behaviour seen in February, when a record high of US$58,300 was reached.

„Destiny awaits,“ Cointelegraph of Markets analyst filbfilb added in a message on his Telegram channel. In doing so, he highlighted that the target was US$70,000 and higher, as he inferred from Fibonacci levels.