Bitcoin jumped to its all-time high of $ 49,400 despite consolidation in Ethereum price. The leading cryptocurrency has set this new high after spending most of last week in the $ 47,000 range.
Bitcoin is rising with constant institutional support
Tesla announced last Monday that it holds a substantial portion of the cryptocurrency it has purchased to maintain its cash position and provide liquidity with the intention of accepting BTC payments.
Raoul Pal, CEO of Real Vision, stated that the intervention of institutions such as Tesla will create an iterative feedback loop that will increase the demand for Bitcoin.
For example, the news that Tesla bought Bitcoin to diversify its cash portfolio sparked controversy with other companies in the United States about cryptocurrency. For example, Twitter’s chief financial officer stated in a recent CNBC interview that they are looking at Bitcoin and even paying a salary as a cryptocurrency.
Bitcoin’s technical information may also indicate that there is room to move to higher levels.
“PlanB”, a BTC-focused analyst, pointed out that the cryptocurrency’s relative strength index is on a similar path to that of the previous cycle. If history repeats, Bitcoin still has somewhere to go up before it undergoes a correction.