Bitcoin continued its upward movement over the weekend. During yesterday, a fairly strong upward movement followed, which led to an update of the previous local and absolute maximum in the area of $ 58,258. Now the new maximum of the "cue ball" is equal to $ 61,632. And at the moment, there are no signs of the beginning of a new round of correction. Thus, in the near future, bitcoin may grow to $ 70,000 per coin. Such a forecast can be made based on the previous growth cycles after each correction. In our previous articles, we have already said that the demand for bitcoin among institutional investors is growing. More and more large investors and miners are not in a hurry to part with BTC, as it would have been a few years ago. At the moment, most of the bitcoins are not in the hands of "hamsters" who are in a hurry to get rid of the cryptocurrency and make a profit, but in the hands of institutions, for whom investing in bitcoin is not the last means and who can afford to keep bitcoin in their portfolios for a very long time. Thus, based on this factor alone, we can conclude that bitcoin will continue to grow in price. Moreover, there are no more coins, their upper limit is limited to 21 million and at the moment there are about 2 million coins left unmaintained. Thus, despite the skepticism of many billionaires and experts of the cryptocurrency market, at the moment the most obvious conclusion is that bitcoin will continue to grow.
Meanwhile, the head of Tesla and SpaceX, Elon Musk, again got in touch and commented on bitcoin. This time, Musk noted that BTC is an anagram to TBC – The Boring Company, which is a subsidiary of SpaceX. "What a coincidence," Elon Musk said. What exactly this message means is unknown, but the notes of sarcasm are traced in it. At the same time, it became known that Elon Musk was sued by one of the Tesla investors, who is sure that he exposes the company to losses of billions of dollars with his tweets and comments. It also became known that Musk's company is engaged in BTC mining, which has never been mentioned anywhere before. Thus, the latest growth of bitcoin could again be associated with the comments of the odious billionaire.
As for the technical picture, the important support area of $ 43,000 - $ 44,000 stood, however, there was only one test of this area. So now everything looks very clear and understandable. Traders slightly adjusted the "digital gold", after which the upward movement resumed. The first resistance level of $ 58,226 has been overcome, so now the road is open to the psychological mark of $ 70,000 and the resistance level of $ 71,233.
The material has been provided by InstaForex Company - www.instaforex.com