{"id":178524,"date":"2021-02-15T11:35:01","date_gmt":"2021-02-15T08:35:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/50k-and-btcs-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week\/"},"modified":"2021-02-15T11:35:01","modified_gmt":"2021-02-15T08:35:01","slug":"50k-and-btcs-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/50k-and-btcs-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week\/","title":{"rendered":"# $50K and BTC&#8217;s biggest weekly candle ever: 5 things to watch in Bitcoin this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4020e6cc8db\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4020e6cc8db\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/50k-and-btcs-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week\/#Stocks_gain_while_the_dollar_dives\" >Stocks gain while the dollar dives<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/50k-and-btcs-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week\/#50000_or_not_50000_That_is_the_question\" >$50,000 or not $50,000? That is the question<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/50k-and-btcs-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week\/#Noncoiner-naysayers_feel_the_game_is_lost\" >Noncoiner-naysayers feel the game is lost<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/50k-and-btcs-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week\/#%E2%80%9CMind_blowing%E2%80%9D_similarities_point_to_274000_BTC_price\" >\u201cMind blowing\u201d similarities point to $274,000 BTC price<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/50k-and-btcs-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week\/#Biggest_ever_weekly_candle\" >Biggest ever weekly candle<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># $50K and BTC&#8217;s biggest weekly candle ever: 5 things to watch in Bitcoin this week <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) is riding high on a wave of positive sentiment as it prepares to take on $50,000.<\/p>\n<p>After a volatile weekend which saw a new all-time high, expectations are putting Bitcoin back in the spotlight as a fundamental level comes into play \u2014 what\u2019s in store?<\/p>\n<p>Cointelegraph considers five factors which could serve to move the market in the coming days. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stocks_gain_while_the_dollar_dives\"><\/span>Stocks gain while the dollar dives<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Stocks are climbing, building on a record-breaking rally which has seen many indexes already shoot higher than ever. <\/p>\n<p>Despite warnings that the good times may soon end, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-02-12\/warren-buffett-s-favorite-valuation-metric-is-ringing-an-alarm\">including<\/a> from Warren Buffett\u2019s market indicator last week, markets began Monday in the green.<\/p>\n<p>Japan\u2019s Nikkei touched 30,000 points for the first time since 1990 on 1.6% growth.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/505119f3-1db2-4bd8-ab2d-c03648248197.png\"><figcaption style=\"text-align: center;\"><em>BTC rolling 90-day correlation vs. USD, VIX, Gold, S&amp;P500. Source: Digital Assets Data<\/em><\/figcaption><\/figure>\n<p>At the same time, the strength of the U.S. dollar continues to falter. The U.S. dollar currency index, which measures USD against a basket of trading partner currencies, abandoned its latest attempt at a rebound over the weekend to test support at 90 once again. <\/p>\n<p>The index has been in a bearish mood for much of the past year, and Bitcoin has in turn gained from periods of express weakness and seen a retreats during trend-bucking comebacks.<\/p>\n<p>Long term, however, central bank money printing is ensuring that in many jurisdictions, the economic environment does not revert to its former character any time soon.<\/p>\n<p>Responding to a Valentine\u2019s Day post from the European Central Bank (ECB), Saifedean Ammous, author of the popular book, \u201cThe Bitcoin Standard,\u201d had little sympathy. The institution had promised to \u201ckeep financing conditions favourable \u2018Til the crisis is through.\u201d<\/p>\n<p>\u201cThis is why fiat people spend their pathetic lives hyperventilating over one imaginary crises to another,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/saifedean\/status\/1360909600535502851\">responded<\/a>. <\/p>\n<blockquote><p>\u201cLots of brrrrrr to be made whenever there&#8217;s crisis!\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/6c379c99-002c-4c7e-b312-18c4d5d8aeda.png\"><figcaption style=\"text-align: center;\"><em>DXY 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"50000_or_not_50000_That_is_the_question\"><\/span>$50,000 or not $50,000? That is the question<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When it comes to Bitcoin specifically, it\u2019s (mostly) about the short term for investors this week.<\/p>\n<p>One event in particular \u2014 how and when the largest cryptocurrency will break $50,000 \u2014 is a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/APompliano\/status\/1360954325166661638\">talking point<\/a> across the industry. <\/p>\n<p>The weekend produced a concerted effort to crack the latest psychologically significant level, with a classic \u201cout-of-hours\u201d bout of volatility producing new all-time highs of $49,714.<\/p>\n<p>With sellers lined up at the final hurdle, however, $50,000 eluded the bulls and BTC\/USD retreated lower before continuing to consolidate at around $47,000.<\/p>\n<p>\u201cHuh? #Bitcoin market doesn\u2019t go up in a straight line?\u201d an unsurprised Cointelegraph Markets analyst Micha\u00ebl van de Poppe <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1361170176088150017\">summarized<\/a> on Monday. <\/p>\n<p>Van de Poppe had frequently warned that Bitcoin\u2019s vertical upside could not sustain without multiple, and sometimes intense, pullbacks. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/4af0ac82-0c04-41b8-8abc-71d8b6a83ecd.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>In his own forecast, meanwhile, fellow analyst filbfilb produced a new chart with a potential end-of-month BTC price as high as $78,000.<\/p>\n<p>\u201cThe continually good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> narrative we have seen makes me think this is entirely possible,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1360752206820106242\/\">added<\/a> in comments on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a>. <\/p>\n<blockquote><p>\u201c50k could easily be a squeeze, that&#8217;s what the volume says anyways.\u201d<\/p><\/blockquote>\n<p>The target expands filbfilb\u2019s previous expectations of $52,000 forming the next point of consolidation before a run to $63,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Noncoiner-naysayers_feel_the_game_is_lost\"><\/span>Noncoiner-naysayers feel the game is lost<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Filbfilb\u2019s \u201cgood news narrative\u201d refers to an ongoing phenomenon reminiscent of the domino effect among major institutions reevaluating and flipping bullish on Bitcoin.<\/p>\n<p>Last week alone, Tesla bought in bigtime, while America\u2019s oldest bank, BNY Mellon, announced that it would offer cryptocurrency support for institutional clients. Now, anticipation focuses on Morgan Stanley making official the rumors surrounding its new Bitcoin punt that allegedly involves its investment arm.<\/p>\n<p>At the same time, opponents of its success <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ear to be increasingly despairing at their lack of ability to stop it via traditional means. <\/p>\n<p>A key case in point is Nigeria, which last week saw its own politicians admit that Bitcoin had destroyed the value of its national fiat currency, the naira.<\/p>\n<p>\u201cCryptocurrency has become a worldwide transaction of which you cannot even identify who owns what,\u201d Senator Sani Musa <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/NGRSenate\/status\/1359835689513271301\">said<\/a>. <\/p>\n<blockquote><p>\u201cThe <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> is so strong that I don\u2019t see the kind of regulation that we can do. Bitcoin has made our currency almost useless or valueless.\u201d<\/p><\/blockquote>\n<p>The picture could not be more different than the fortunes of those already, to a greater or lesser extent, on a \u201cBitcoin standard.\u201d<\/p>\n<p>Even Tesla, which bought in at the start of 2021, is already up 40% on its $1.5 billion treasury conversion. On the back of fellow pioneer MicroStrategy\u2019s dedicated \u201cBitcoin for Institutions\u201d summit earlier this month, similar stories are likely to follow.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CMind_blowing%E2%80%9D_similarities_point_to_274000_BTC_price\"><\/span>\u201cMind blowing\u201d similarities point to $274,000 BTC price<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As Cointelegraph often reports, various indicators both simple and complex point to the potential for considerable Bitcoin price upside across timeframes.<\/p>\n<p>Zooming out, however, new data simply governing spot price highlights what one analyst believes is almost a carbon copy of the previous bull cycle. <\/p>\n<p>\u201cIt&#8217;s pretty mindblowing that the Bitcoin chart is damn near IDENTICAL to Aug. 2017,\u201d Jack Purdy, a researcher at data provider Messari, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/jpurd17\/status\/1361010949742682116\">tweeted<\/a> on Sunday.<\/p>\n<blockquote><p>\u201cAnyone need a refresher for what happened next?\u201d<\/p><\/blockquote>\n<p>Responding, Glassnode CTO and co-founder Rafael Schultze-Kraft calculated that based on its current position in the cycle, BTC\/USD has the position to go to $274,000 \u2014 an increase of 471% in line with 2017 behavior.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/780a7246-3a18-42a1-a3cc-13d38c304db3.jpeg\"><figcaption style=\"text-align: center;\"><em>Bitcoin miner outflows historical chart. Source: Glassnode<\/em><\/figcaption><\/figure>\n<p>At the same time, Glassnode highlighted a distinguishing factor since Bitcoin\u2019s most recent block subsidy halving last year. Miners, apart from some conspicuous occasions, are selling less than during previous bull runs despite spot price being far higher.<\/p>\n<p>\u201cPrevious #Bitcoin bull markets are characterized by fingerprints of increased miner outflows of $BTC that had been acquired throughout prior years,\u201d the firm <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/glassnode\/status\/1361067866431385608\">noted<\/a> on Monday. <\/p>\n<blockquote><p>\u201cEven though we&#8217;re seeing slightly higher outflows of older BTC, this same pattern has not emerged in the current bull market.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Biggest_ever_weekly_candle\"><\/span>Biggest ever weekly candle<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Finally, to put last week\u2019s price action in context, Bitcoin has seen its biggest weekly candle in history.<\/p>\n<p>At 25%, or $9,800, Bitcoin added a quarter of its value again over the past seven days. That follows various similar feats, including the largest ever daily candle earlier in February. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-02\/fd312cdb-38f5-4fa5-8582-6475f93c21c1.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-week candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Against such strong performance, even the correction lower at just before $50,000 was of little concern to analysts beyond the mainstream press on Monday.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p>\u201cAgressive selling by larger derivatives traders have lead to a big CVD div while $btc price has drifted up. (absorption of sellers by buyers),\u201d filbfilb <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1360658717415456768\">explained<\/a> in a tweet. <\/p>\n<blockquote><p>\u201cFunding keeps flipping high at resistance, so its probably not time to play out yet, but i remain bullish.\u201d<\/p><\/blockquote>\n<p>Filbfilb was referring to the funding rate on major exchanges increasing, causing long traders to pay more to maintain their positions near psychologically significant price points.<\/p>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/50k-and-btc-s-biggest-weekly-candle-ever-5-things-to-watch-in-bitcoin-this-week\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# $50K and BTC&#8217;s biggest weekly candle ever: 5 things to watch in Bitcoin this week &#8221; Bitcoin (BTC) is riding high on a wave of positive sentiment as it prepares to take on $50,000. After a volatile weekend which saw a new all-time high, expectations are putting Bitcoin back in the spotlight as a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":178525,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvMmY2OTY2ZDItNWU5Yy00MTdiLWI0M2ItZGY0MjcxOTFjOGYxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785,70359],"class_list":["post-178524","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178524","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=178524"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/178524\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/178525"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=178524"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=178524"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=178524"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}