Coinlist Pro Market Roundup: Bitcoin retakes $55K, eyes record highs

Market Roundup: Bitcoin retakes $55K, eyes record highs

Bitcoin’s price is headed north towards record highs once more, reversing a downward trend in recent weeks. After BTC price hit an ATH of $58,000 on February 21, it fell victim to a sharp correction, falling to $43,000 just a week later. Since then, it has gradually recovered to its current price of ~$56,000. Bitcoin’s market cap has once again broken past $1 trillion with an increasing amount of Bitcoin moving off exchanges. According to data from Glassnode, there has been a decline in bitcoin on exchanges this month, which could imply that investors are saving their bitcoin for the long term instead of looking to trade for short-term gains.

High trading volume during the February selloff is a sign of capitulation as buyers stepped in to defend support around the crucial $50,000 price level. According to some analysts, bitcoin is also getting a boost this week from the growing momentum around President Biden’s proposed $1.9 billion coronavirus relief package designed to stimulate the US economy. Should history repeat itself, and stimulus bills benefit the price of bitcoin, we could see a push towards $60k in the coming weeks.

No matter what happens next, volatility — and opportunity — are likely here to stay. Prepare for the next market movements on CoinList.

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