MicroStrategy, Goldman Sachs and Citi’s support raise Bitcoin price

Bitcoin (BTC) price has picked up as of March and the market seems to have regained its bullish momentum.

According to Cointelegraph Markets and TradingView data, the bitcoin price was $ 43,504 on Feb.28, an increase of 16.6 percent to reach $ 50,000.

At the time of the publication of the news, the BTC / USD parity was at the level of 48,671.

4-hour chart of the BTC / USDT pair. Source: TradingView

As of yesterday, MicroStrategy CEO Michael Saylor said his firm had purchased $ 15 million worth of Bitcoin and increased the total amount of assets to 90,859 BTC. he explained.

The continuation of institutional investments caused positive winds in the market.

Not every analyst expects a rise

Bitcoin’s surge above $ 49,000 could enable it to test its all-time high in the near future, but veteran analyst Peter Brandt thinks that is not certain when it comes to the cryptocurrency market.

Re-launch of the crypto trading desk by Goldman Sachs to proclaim Although Brandt had previously stated in December 2017 that this move did not turn out well for the cryptocurrency market. conveyed.

1-week chart of the BTC / USD pair. Source: Twitter

According to ExoAlpha chief investment officer David Lifchitz, it is “too early to tell if Bitcoin’s withdrawal is over,” but $ 44,500 appears to provide a strong support.

On whether the best cryptocurrency could hit new heights in March, Lifchitz said that BTC is generally expected to drop this month.

According to Lifchitz, part of the shares could be sold to pay taxes on profits realized during these tax months in the US, which could put downward pressure on the market.

Fixed returns keep the traditional market stable

Traditional financial markets picked up on Monday as treasury returns stabilized and optimism with the launch of the COVID-19 vaccine increased investors’ awareness of the future of the global economy.

The S & P500, Dow Jones, and NASDAQ all rose 2.38, 1.95 and 3.01 percent, respectively. As global central banks reaffirmed their commitment to policies that would support economic recovery, each index showed strong performance.

Altcoins also made up for their recent losses as the bitcoin price rose to $ 50,000.

Daily cryptocurrency market performance. Source: Coin360

Binance Coin (BNB) rose 21 percent to $ 248, while Ethereum (ETH) price rose 9.46 percent to $ 1,525. PancakeSwap (CAKE) and Fantom (FTM) started trading at $ 12.3 and $ 0.558 respectively.

While the total value of the cryptocurrency market was $ 1.52 trillion, Bitcoin’s market dominance rate was calculated as 61 percent.

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