Bitcoin (BTC) was able to breach the $50,000 mark it has been trying to breach a few days ago after a price correction drove it to lows of $42,000.

Bitcoin Addresses Sent to Exchanges Record a Monthly Low as BTC Hits a 17-Day High

Its upward momentum pushed its price to a 17-day high of $57,350 earlier today even though it has retracted to $57.107 at the time of writing, according to verge of the $20 billion mark, the highest it has ever reached. It, therefore, illustrates that more participants are leveraging so that they can join the Bitcoin network. 

Stablecoin inflows needed to sustain strong upward momentum

Crypto analyst Joseph Young believes that Bitcoin needs stablecoin inflows for it to surge past the $56,000 resistance level. He acknowledged:

“There’s not a lot of sidelined capital entering into Bitcoin at the moment. Below is stablecoin inflow into exchanges. When $56k cleanly breaks, I imagine more capital would enter into BTC, accelerating the rally. Hence, I think consolidation, and then an explosive move upwards.”

Bitcoin Addresses Sent to Exchanges Record a Monthly Low as BTC Hits a 17-Day High

As corporate giants Square, Tesla, and MicroStrategy ramp up crypto interest, Bitcoin will continue enjoying remarkable institutional investments. Recently, leading American business intelligence firm MicroStrategy added 205 Bitcoins worth $10 million to its 91,064 BTC portfolio. 

Read more:  New Zealand Wealth Management Firm Invests 5% of Its Retirement Funds into Bitcoin

LEAVE A REPLY

Please enter your comment!
Please enter your name here