Bitcoin price cracks major resistance, analysts eye new high of $70K

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An overnight move higher sees a local high of $54,500 and new hope for Bitcoin price that support levels will now focus on $50,000.

Bitcoin (BTC) tackled a pivotal $52,000 resistance level overnight on March 9 to come within 6% of historical all-time highs.

Bitcoin price hits 2-week high

Data from Cointelegraph Markets and Tradingview showed BTC/USD hitting local highs of $54,500 on Tuesday.

The latest attempt to break out of its sideways trading corridor, the movie was still consolidating at the time of writing. Amid high volatility, a retracement on the day targeted $53,500 — still above key resistance.

As previously reported, analysts were considering $52,000 as a line in the sand for securing the next stage of the Bitcoin bull run.

While the weekend produced healthy upside, Bitcoin had still to cement even $50,000 as strong support as the week’s trading started.

On the back of 24-hour gains topping 8%, however, the picture on Tuesday was fast improving, after evidence indicated that $47,000 had become conspicuously strong support.

“Bitcoin jumps >$54k aided by more signs of institutional interest in the largest cryptocurrency,” markets commentator and contributor to German news daily Die, Welt, Holger Zschaepitz, said to Twitter followers.

“Institutional interest sets the latest bull run apart from 2017’s retail-driven surge, Goldman says. Much of the institutional demand has been driven by fears around asset devaluation.”

Zschaepitz was referencing findings from Goldman Sachs, which among other things also showed that 40% of its clients already have exposure to cryptocurrencies.

Analyst on $70,000 Bitcoin: “Destiny awaits”

The market became even more bullish on Monday after one of Norway’s richest people launched a Bitcoin-focused spin-off company using BTC as its sole treasury asset.

“Bit­coin can be ver­i­fied, di­vid­ed, re-as­sem­bled, stored, and trans­port­ed at vir­tu­al­ly no cost. It’s the per­fect scarce digi­tal as­set. By de­sign,” Kjell Inge Røkke wrote in a widely-circulated shareholder letter.

“All that’s re­quired to keep the net­work run­ning is al­lo­cat­ing the cheap­est elec­tric­i­ty in the world. Elec­tric­i­ty se­cures the net­work. No trust­ed par­ties or peo­ple with guns are need­ed. I call that progress.”

Elsewhere, holders were watching a bullish setup unfold in Bitcoin’s daily moving average convergence/ divergence (MACD) indicator, which on Monday was primed to repeat behavior which previously led to February’s march to $58,300 record highs.

“Destiny awaits,” Cointelegraph Markets analyst filbfilb added in an update to Telegram channel subscribers, showing a target area of $70,000 and higher using Fibonacci levels.

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