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HomeNewsBitcoin rate currently above the 200-day line - targeting $ 50,000

Bitcoin rate currently above the 200-day line – targeting $ 50,000

Bitcoin course: Investors are targeting the $ 50,000 mark

Bitcoin, the largest crypto currency in the market, was trading on Tuesday at 45,527 dollars, around five percent up on the previous day. This results in a price increase of around 18 percent per week.

In addition to the prospect of a compromise in the US tax debate on cryptocurrencies, the conquest of the 200-day line, which is technically observed in many places, is likely to have created new upward momentum.

Bitcoin price climbs above the 200-day line

The Bitcoin course is currently struggling with the technical resistance level of $ 46,500. But the conquest of the 200-day line, which is decisive for the longer-term trend, could now have caused a lasting change in sentiment. Logically, the psychological mark of 50,000 dollars is now in the sights of investors.

Last but not least, a compromise in the taxation of crypto assets in the USA could have given the boost. At the beginning of the week, a bipartisan group of senators reached a compromise solution in terms of reporting requirements for cryptocurrencies. The $ 550 billion infrastructure bill, under the auspices of President Joe Biden, is also to be funded by part of the crypto sector.

An estimated $ 28 billion could flow out of the area.

Procedural reasons had recently destroyed hopes of a bipartisan agreement on reporting rules for cryptocurrency transactions in the Senate.

Do you already know the top 10 cryptocurrencies to trade in 2021?

Regulatory concerns could slow down the Bitcoin rally at any time

In my opinion, the regulatory concerns around the globe have the potential at any time to end the recent soaring ad hoc. Last week it was the head of the US Securities Exchange Commission (SEC) who indicated a tougher pace in the future.

While regulation in the Middle Kingdom may have been completed for the time being and miners and crypto institutes have literally been put on the doorstep, a tougher pace for Bitcoin and Co in the USA threatens this year. In the European Union, too, efforts are being made increasingly to stricter rules.

Bitcoin course: it could go on like this

The equalization of the 200-day line could consequently ensure further follow-up purchases. With this in mind, investors on the upside should keep an eye on the 50,000 mark as the next instance.

The latest flash crash in the precious metal gold could also have played a role in the Bitcoin course. Investors may be reallocating their holdings.

In the coming days, in my opinion, further upswing is to be expected on the market. Overall, 55,000 and 60,000 dollars remain to be targeted.

How to trade cryptocurrencies with IG yourself

Do you want to trade cryptocurrencies yourself? Open a live or demo account with IG and buy (long) or sell (short) Bitcoin using derivatives such as CFDs in a few simple steps:

  1. Create an IG trading account or log into your existing account.
  2. Enter “Bitcoin” in the search bar and select it.
  3. Choose your position size.
  4. Click Buy or Sell Order Ticket.
  5. Confirm the order.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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