Bitcoin broke the critical resistance!

Bitcoin (BTC) rose to $ 54,488, breaking the critical $ 52K resistance on March 9.

1-hour candlestick chart (Bitstamp) of the BTC / USD pair. Source: Tradingview

BTC price at the highest level of the last 2 weeks

The BTC / USD pair rose as high as $ 54,488 on Tuesday, according to data from Cointelegraph Markets and Tradingview.

The largest cryptocurrency, leaving the narrow trading corridor for a long time, fell slightly to $ 53,500, but managed to hold onto the critical resistance.

Analysts were closely watching the $ 52,000 that had to be broken in order for the next phase of the Bitcoin bull market to begin.

Although the cryptocurrency had a healthy rise over the weekend, it was supposed to start the new week by converting $ 50k into a strong support.

Bitcoin recovered much faster on Tuesday, gaining 8 percent.

Analyst targets 70 thousand dollars

The institutional investor trend seen in the industry this year has become even more positive after one of Norway’s wealthiest individuals announced Monday that they have set up a BTC-focused subsidiary that uses only Bitcoin as a reserve asset.

“Bitcoin can be verified, split, stored and transported at almost zero cost,” says Kjell Inge Røkke. A perfect rare digital asset by design, ”he noted.

“All it takes to keep the network running is to dedicate the world’s cheapest electricity to it. Electricity ensures the security of the network. There is no need for reliable people or armed guards. That’s what I call progress. “

On the other hand, investors were also closely watching Bitcoin’s daily moving average convergence / divergence (MACD) indicator. The MACD looked like it would show behavior similar to that which resulted in BTC reaching $ 58,300 on Monday.

Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)

1-day candlestick chart (Bitstamp) with Fibonacci levels of the BTC / USD pair. Source: filbfilb

Cointelegraph Markets analyst filbfilb announced that the Fibonacci levels are targeting $ 70,000.

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