Lorenzo Stroe
Independent Analyst
- Bitcoin price has surged to $45,000 following a $1.5 billion investment from Tesla.
- Tesla also expects to be accepting Bitcoin as a form of payment in the near future.
- BTC bulls have cracked a critical resistance level at $42,000 and aim for $50,000.
Earlier today, Tesla announced a $1.5 billion investment in Bitcoin under a new policy and also stated that they are expecting to accept BTC as a form of payment soon. Of course, Bitcoin price reacted extremely well and pushed to new highs at $45,000.
Many exchanges suffered significant outages, including Binance, which was partially down for several minutes. Elon Musk has been talking about Dogecoin for the past several months, however, it seems that the business magnate has ditched the meme cryptocurrency and only bought Bitcoin.
Bitcoin price surges by 17% thanks to Tesla
On the daily chart, Bitcoin price had a breakout from a descending triangle pattern on February 2 with a price target of $45,000, which was just hit in the past few hours thanks to a big announcement from Tesla.
BTC/USD daily chart
However, given the magnitude of the announcement, Bitcoin price could continue surging even more. Tesla also stated that its prepared to accept BTC payments in the near future, which should increase Bitcoin’s use cases even more.
%20[15.15.25,%2008%20Feb,%202021]-637483908611231467.png)
BTC Holders Distribution
Since December 26, 2020, the number of large BTC holders with 1,000 to 10,000 coins has increased from 2,120 to 2,393 currently, which indicates the current Bitcoin rally has a lot of strength behind it.
%20[15.19.01,%2008%20Feb,%202021]-637483908635607517.png)
BTC MVRV (30d)
However, this recent surge also created a significant spike in the MVRV (30d) for Bitcoin climbing to 21.7% and slowly approaching the danger zone above 30%, which usually indicates an asset is on the verge of a correction.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.