Finally, Bitcoin kissed $50,000 to create a new all-time high on February 16, while yet another fiat currency entered the seven-figure zone against BTC.
The new all-time high followed Microstrategy’s announcement that the company is planning to raise $600 million in convertible notes and use the proceeds to go Bitcoin shopping. The company already holds over $1.5 billion in bitcoin.
Last week, BNY Mellon disclosed that it would store crypto-assets for its clients. This announcement made Bitcoin surge by 5% to test the $50,000 resistance level, marking the first, second time BTC firmly tested that resistance level. That earlier effort set a course for BTC to eventually flip the $50,000 resistance.
The $50k resistance stood no chance against bullish traders. While the bears had little moments, the bulls came on top. One of the bearish moments was when bitcoin dropped by 10% lower than its earlier all-time high making it seem like it will not test $50k.
Bitcoin crossing $50,000 marks a gain of more than 5% in the last 24 hours. A little more gain for traders to rejoice about. Unfortunately, prices did not stay too long above $50k as trading bots and take profit orders were triggered on most crypto exchanges.
Although, prices differ across various exchanges. On Binance, the BTC all-time high is $50,602. At the time of writing, but is trading around $47,200, a clear indication that the bears are still lurking.
Mexican Peso Enters 7-Figure Zone Against BTC
Apart from the BTC/USD pair, the BTC/MXN pair also record a milestone as BTC hit 1 million MXN per BTC. The latest figures make the Mexican currency the latest to fall into the seven-figure zone against BTC.
Meanwhile, the latest consolidation phase hints at a long stay between $45,000 and 49,000 before a proper attempt at a takeover of the reins above $50,000. As more investors and institutions continue to show more interest and media coverage skyrockets, the market could see a clean $50,000 break.
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Author: Gideon Geoffrey