Bitcoin Poised for Short-Term Gains Past $51K as MicroStrategy Upsizes Debt Deal

Blockchain Crypto Market Cryptocurrency
February 17, 2021 by CoinSurges
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Markets think the latest bull run will continue.

Bitcoin’s rally could continue in the short term, analysts and traders said, after the largest cryptocurrency by market cap surged on Wednesday to a new all-time-high price above $51,000. 

The latest leg up came after CoinDesk reported that business intelligence firm MicroStrategy upsized a convertible-note offering to $900 million from an originally announced $600 million, with plans to use the proceeds to purchase more bitcoin.

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At press time, bitcoin’s price is above 10-hour and 50-hour moving averages on the hourly chart, a bullish signal for market technicians. 

“On the hourly time frame, bitcoin has a short-term support in the zone between $50,000 and $50,600 and an immediate resistance at $51,600,” Hunain Naseer, senior editor at OKEx Insights, told CoinDesk.

Ki Young Ju, CEO of South Korea-based cryptocurrency data firm CryptoQuant, said the Coinbase premium, which measures the price difference between Coinbase Pro’s BTC/USD pair and Binance’s BTC/USDT pair, has flipped positive, an indication of institutional inflows.

“Bitcoin has upheld positive short-term momentum since breaking out above January’s high,” Katie Stockton, a technical analyst for Fairlead Strategies, said. “There are no signs of short-term upside exhaustion with the psychologically significant $50,000 level having come and gone.”

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Bitcoin’s total market capitalization is now approaching $1 trillion. 

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