Why do you need 25k to day trade? Bitcoin price succeeded in moving towards the target that we talked about in the previous analysis, to be a new historical level, and it is still continuing to rise further, as it is now trading near 52400 levels.
Bitcoin Trading Tips 2021, Bitcoin rose above $ 50,000 to a new record high, based on a rally fueled by signs that the world's largest cryptocurrency is gaining acceptance among major investors.
Bitcoin and recent gains
Bitcoin reached a new high of $ 50,602 and was last up 5% at $ 50,300. It has risen about 72% so far this year, with most of the gains coming after electric car maker Tesla said it had bought $ 1.5 billion in bitcoin, and also said it would accept the currency as a payment.
But Tesla was only the latest in a string of big investments to jump in bitcoin from financing margin to company balance sheets and dealing offices on Wall Street, as US companies and traditional money managers started buying much of it.
“Recent market conditions and events in both the cryptocurrency space and the financial world in general place this price action in the range of probability,” said Jacob Skainen of ARK36 cryptocurrency hedge fund.
“Nevertheless I would like to offer a word of caution: While my long-term outlook is bullish, massive price fluctuations along the way are to be expected, Bitcoin remains very volatile.”
Bitcoin price analysis from a technical point of view
Technically, we notice that the price of the cryptocurrency is moving inside a rising wedge pattern on the four-hour time frame, as shown on the graph.
This pattern is considered one of the reversal patterns that may push Bitcoin to drop down and target levels of $ 42,000 again, with the breach of the lower boundary of the pattern.
Bitcoin price hit a new record high during trading on Friday, moving its eye on market capitalization to more than $ 1 trillion, ignoring warnings from analysts such as JPMorgan.
