The price of Bitcoin (BTC) has risen somewhat in recent weeks and reached its latest peak of $ 57,500 on February 20.
It remained in the bullish news, such as allocating its first-week cash reserves registered to the exchange to BTC and the return of the first Bitcoin ETF in Canada, which traded over $ 220 million for the first time.
The 4 graph charts for Bitcoin show a clear upward path as it moves outside the division between $ 30,000 and $ 42,000 Since then, the $ 44,000 and $ 50,000 levels have been held as support, and this has served as the launch pad for the current highs of $ 55,000.
This trend is also due to decreasing reserves in stock exchanges. The current landscape is very similar to that of 2016, when more Bitcoin was withdrawn than deposited from exchanges. This withdrawal business, we want their Bitcoins in the long run, which indicates strong demand.
Fibonacci’s debut was reached at 1618 during the last rally. Now Bitcoin is approaching the second point of interest around the 2,618 Fibonacci $ 63,000.
The down cruise is crucial in the $ 50,000 level 4 scam chart. If it maintains this support, the price of Bitcoin is high to reach the next level. However, 50,000 could be lost and a decrease to 43,000 dollars could be expected.
In the trade, it’s all down to writing by holding critical support levels for further up or down momentum. Currently, the first key levels are between $ 43,000-44,000 and the second at $ 50,000.
As long as $ 55,000 is held, not much prevents Bitcoin’s price from reaching $ 63,000 for the next Fibonacci hangout.