Month: February 2021

The possible consolidation in the near term may last more than expected as Bitcoin (BTC) fails to recapture its initial support level -$52,040.95 and traders who were expecting a quick resumption of the uptrend may have been caught off guard by the range-bound movement.

After an impressive run to a new all-time high of $58,342 in the previous week, Bitcoin seems to have entered a transitory consolidation phase, attempting to flip the $50,000 level back to support. BTC price dropped by over $13,000 from $58,342 to under $45,240, a significant correction of more then 20%.

Bitcoin’s price has been consistently rallying in the past few weeks, reaching its latest new high of around $58,330 on Feb 21. It’s becoming more exciting, as the next major point of interest is at around $63,000, and this could be reached literally in few days; only if Bitcoin can hold above few key support levels-$47,000-$50,000.

South Korea’s Financial Services Commission (FSC) made a press conference on January 18, 2021 where it unveiled its blueprint for 2021.According to the regulatory body, the key area to focus is to promote financial innovation through the advancement of open banking development and adoption.

A paper by the EU Blockchain Observatory and Forum says that, Estonia, Switzerland, Cyprus and Malta have the most advanced blockchain ecosystems in Europe. These countries could boost of having well-developed startup scenes and high friendly regulatory system.

Visa has announced its partnership with First Boulevard -a digital native Neobank, focusing on creating business opportunity for the black community. This is the first API project of its new suite of crypto APIs and this will help customers to purchase, trade and be in custody of their digital assets.

that NFT industry grew by 299% in 2020, with total transactions worth more than $250m. According to the report, the active wallets transacting NFT grew by 97% from 112,731 in 2019 to 222,179 in 2020.

The Bitcoin bull-run seems almost unstoppable right now as BTC just notched another new high of $52,300. To add some icing on the cake, BTC also broke that big psychological level of 50k and did it in grand style, after multiple tests of this level in the previous days. The psychological level at $50,000 saw only minor resistance to Bitcoin, which shows that the bulls are firmly in command and not hurrying to book profits. We anticipate the bull-run to continue.

It’s been a weekend of excitement as BTC continues its monster rally, having recorded an all-time high of $49,487 on Feb.14th. As we’re about hitting the psychological resistance of $50,000; BTC remains on an upward trajectory of price discovery, despite today's pullback. The periods of consolidation and pullbacks to retest underlying support have paid-off in sustaining the upward strength as we’re about to enter the next leg of the uptrend to $60,000.

Bitcoin recorded a beautiful breakout and new highs in the last 24 hours with some consolidation(as expected). This surprise new all-time high to $46,759 lifted sentiment across the market. Sentiment plays a major role in the short-term price action of an asset.