Bitcoin (CRYPTO: BTC) crossed the psychologically important $50,000 level on Sunday night.
See Also: How To Buy Bitcoin (BTC)
What’s Moving? The apex cryptocurrency touched an intraday high of $50,019.20 shortly before press time.
BTC traded 2.42% higher at $49,915.30 over 24 hours at press time. For the week, the apex cryptocurrency traded 4.97% higher.
Since the year began, BTC has gained 70.28%. Bitcoin last traded above the $50,000 mark in May.
Why Is It Moving? Even as the apex cryptocurrency crosses the ,000 hurdle, analysts are cautious as they warn of resistance coming in the way of further immediate upside.
“Today is the first day we are testing my $50k target area and seeing a reaction,” said options veteran John Wick.
Wick touched on “supply front running fears of $50k distribution.”
A Bloomberg report last week explored Bitcoin’s over 60% price increase since July and said the apex coin faced “a rare confluence of technical obstacles” such as a Fibonacci and Ichimoku cluster between $47,000 and $48,000.
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