BTC Price Breaks Above $50K As Major Companies Support Crypto
The bitcoin bulls breached $50K on Feb 16, with the price touching a new all-time high of $50,487 at 7:30 a.m. ET. Investors had been eagerly waiting for the king coin to hit this milestone on spot exchanges for the first time in history.
The world’s largest cryptocurrency has embarked on a blistering rally in recent months, having surged from just below $4K in March of 2020 to fresh highs above the hyped $50K mark.
Bitcoin recently saw its single-largest daily candle in history after Elon Musk’s Tesla announced a massive investment in the coin. That “Elon Candle” saw BTC prices gain $7,162 or 18.5% on Feb 8.
Since then, the king crypto has shown signs of sustaining its astounding rally and has gone on to set multiple price records before finally cracking the stubborn resistance at $50K.
Corporations Are Making Big Moves To Support BTC
One of the key indicators that the BTC price rally isn’t over yet is the increasing institutional adoption that has added legitimacy to the cryptocurrency.
Since the Tesla BTC acquisition last week, top corporations such as Mastercard and BNY Mellon have shown interest in the asset, a move that has helped support the ongoing uptick.
Another big name that is rumored to be considering a bet on BTC is the $150 billion investment arm of Morgan Stanley, as per a Bloomberg report.
MicroStrategy, the firm believed to have offered a blueprint for Tesla’s bitcoin purchase, may have played the most significant role in pushing the BTC price to its new lifetime high. The company announced on Feb 16 that it plans to offer $600M in convertible bonds to add more BTC to its coin reserves.
During a recent interview with CNBC, Michael Saylor, the Microstrategy CEO, described BTC as a more stable asset today than in the previous bull market in 2017.
As more major enterprises continue to make big moves to support the flagship crypto, a sustained run above $50K appears inevitable, according to Craig Erlam, a senior market analyst at Oanda.
“A break of $50,000 almost feels inevitable at this point. It’s more a question of how much further it can go and how fast,” the analyst recently asserted.
Today’s inspired price action that saw BTC trade above $50K indicates that bulls are well primed to kick start a new bull run into unchartered territory.
Bitcoin Miners are Accumulating
Besides the aforementioned favorable market fundamentals, another powerful indicator strengthens the case for a continued BTC rally above $50K.
According to the latest data from the on-chain data analytics firm Glassnode, BTC miners accumulate coins while old investors cash in on their holdings. The analytics revealed that miner outflows have dried up this month, a factor that could be inferred as bullish.
Typically, miners keep a firm grip on their BTC reserves when anticipating an imminent jump in the BTC price.