Bitcoin hits $ 50,000, a new historic milestone for BTC price

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Bitcoin (BTC) hit new highs on February 16 after a week of bullish news, including Tesla accepting BTC and MicroStrategy to raise an additional $ 600 million to buy Bitcoin.

BTC / USD 1 hour candle chart (Bitstamp). Source: TradingView

The BTC price breaks the historic record

Data from Cointelegraph Markets and TradingView showed that BTC / USD rose more than 5% in hours on Tuesday after BNY Mellon confirmed that crypto would be stored for asset management clients and rumors swirled around Morgan Stanley .

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The move put Bitcoin on track to hit the psychologically significant $ 50,000 mark again after several days of sideways movement when a whale fight broke out.

The Bulls initially took control of BTC after Tesla announced a $ 1.5 billion Bitcoin buy-in on February 8. At the same time, the European Central Bank was among the naysayers, claiming that central banks as a whole would not interact with Bitcoin in the future.

Even more headaches for bears

In an update, analysts from the Deribit derivatives platform found that the BNY Mellon-Nachrichten had already succeeded in reshaping investor perspectives.

“While BTC withdrew 10% from ATH, Feb cut Implied Vol, suggesting that gamma gamers influenced post-Tesla news for a long time,” they explained.

“Option volumes exploded in Asian hours: calls settled, buyers near OTM puts x3k, bearish bias as BTC46k.”

According to order book data from the major exchange, Binance, sellers ranged from $ 49,500 to $ 50,000, with support increasing at $ 46,500.

Binance buys and sells positions on BTC / USD. Source: material indicators

In this week’s analysis, Michaël van de Poppe of Cointelegraph Markets highlighted other factors contributing to the short-term bull fall for Bitcoin.

An inevitable achievement

Bitcoin had shown signs that its general momentum would not be halted this month.

With Tesla and then Mastercard as catalysts, the market participants were already convinced of the strength of the current bull run. Last week, Filbfilb, a contributor to Cointelegraph Markets, set a near-term target of $ 63,000 for BTC / USD, which was verified by a possible consolidation at around $ 52,000.

Tesla’s purchase and Mastercard acceptance announcements were released days after MicroStrategy’s special Bitcoin for Corporations Summit, which was attended by around 8,000 executives. While Tesla had taken precautions months earlier, the ramifications of the event were clear: companies wanted and planned to include Bitcoin on their balance sheets.

Even formerly skeptical mainstream commentators increasingly advocated Bitcoin outperforming cash in the long term.

“I think it’s almost irresponsible not to include it. Any treasurer should go to the boards of directors and say, ‘Should we put a small portion of our money in bitcoin? “Said CNBC presenter Jim Cramer last week.