{"id":193646,"date":"2021-03-04T04:33:16","date_gmt":"2021-03-04T01:33:16","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bull-flag-breakout-sets-a-55000-target-for-bitcoin-price\/"},"modified":"2021-03-04T04:33:16","modified_gmt":"2021-03-04T01:33:16","slug":"bull-flag-breakout-sets-a-55000-target-for-bitcoin-price","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bull-flag-breakout-sets-a-55000-target-for-bitcoin-price\/","title":{"rendered":"# Bull flag breakout sets a $55,000 target for Bitcoin price"},"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-6a368bf54644f\" 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-6a368bf54644f\" 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\/bull-flag-breakout-sets-a-55000-target-for-bitcoin-price\/#Rising_yields_put_pressure_on_traditional_markets\" >Rising yields put pressure on traditional markets<\/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\/bull-flag-breakout-sets-a-55000-target-for-bitcoin-price\/#Small_and_large-cap_altcoins_move_higher\" >Small and large-cap altcoins move higher<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bull flag breakout sets a $55,000 target for Bitcoin price <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-5a136f3a>Bitcoin (BTC) price sliced through the $50,000 resistance level during the early trading hours on March 3 as bulls found their momentum and the majority of altcoins joined in on the rally as the day progressed.\u00a0<\/p>\n<p>Data from Cointelegraph Markets and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\">TradingView<\/a> shows that the price of Bitcoin was trading at $48,500 in the early hours on March 3 before surging 8.6% to an intraday high of $52,631. Currently, BTC price trades slightly below $51,000, and while $50,000 may have become a soft support, a daily close above the 23.6% Fibonacci retracement ($52,000) is needed to confirm that a bullish reversal has taken place.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/7e55ba12-e23e-4a42-b09a-91ba823f6c33.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>On-chain analysis from CryptoQuant indicates that Bitcoin whales have been consistently buying the dips below $50,000 and according to\u00a0CryptoQuant CEO Ki Young Ju, institutional buying is taking place at the $48,000 support, as seen by the highlighted orange line on the chart above.<\/p>\n<p>Bitcoin&#8217;s mainstream adoption continues to take place in Canada as Ninepoint Partners announced that it plans to change its Bitcoin trust offering to an exchange-traded fund on the Toronto Stock Exchange in an effort to increase trading liquidity and provide a better trading price.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Rising_yields_put_pressure_on_traditional_markets\"><\/span>Rising yields put pressure on traditional markets<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin\u2019s surge above $50,000 and increasing integration into mainstream financial markets has prompted some analysts to speculate on when a new all-time high will occur. For the time being, bearish macroeconomic factors are weighing on global markets and this could dampen growth in the short-term. <\/p>\n<p>The S&amp;P 500, Dow and NASDAQ faced selling pressure throughout the trading day and closed down 1.31%, 0.39% and 2.7% after a spike in the 10-year U.S. Treasury yield renewed concerns about the health of the U.S. and global markets.<\/p>\n<p>According to Chad Steinglass, Head of Trading at CrossTower, Wednesday\u2019s action in the market is a \u201crevisit of the rates-based selloff\u201d from Feb. 25, with tech equities and ARK funds facing increased pressure. <\/p>\n<p>Steinglass said that headwinds being faced by BTC at the U.S. market open were the result of \u201cbeing dragged down by GBTC as the GBTC discount has crept back up to about 4.5%.\u201d Despite these challenges, Steinglass sees the recent favorable Bitcoin comments by Citigroup and Fidelity as strong support for the narrative of increasing institutional adoption.<\/p>\n<p>Steinglass said: <\/p>\n<blockquote><p>The fact that Bitcoin continues to show strength even with GBTC acting like a resistance band holding it back is very encouraging and shows to me that the overall story, that of accelerating adoption, is still intact.\u201d<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Small_and_large-cap_altcoins_move_higher\"><\/span>Small and large-cap altcoins move higher<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bitcoin\u2019s pop above $50,000 also helped ignite a rally in altcoins as the majority of the top 100 coins moved higher on Wednesday. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/ce3e2b14-e35b-42fc-a99e-d029d5f524ec.png\"><figcaption style=\"text-align: center;\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>Ether (ETH) gained 8% to set an intraday high at $1,610, while Cosmos (ATOM) rallied 15.7% to a daily high at $21.18. <\/p>\n<p>Enjin Coin (ENJ) was the breakout star of the day as it surged more than 50% to make a new all-time high at $1.32. The sharp double-digit rally <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>ears to be the result of the growing popularity of NFTs and\u00a0Enjin\u2019s transition into the growing NFT marketplace. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-03\/af9d9c7f-f0fd-4a06-ad7c-449e426bfb5a.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD daily chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>The overall cryptocurrency market cap now stands at $1.55 trillion and Bitcoin\u2019s dominance rate is 61%.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\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 <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> 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\/bull-flag-breakout-sets-a-55-000-target-for-bitcoin-price\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bull flag breakout sets a $55,000 target for Bitcoin price &#8221; Bitcoin (BTC) price sliced through the $50,000 resistance level during the early trading hours on March 3 as bulls found their momentum and the majority of altcoins joined in on the rally as the day progressed.\u00a0 Data from Cointelegraph Markets and TradingView shows&#8230;<\/p>\n","protected":false},"author":1,"featured_media":193647,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDMvYTZiMWQ1MzctMzcwYS00YjQ0LWJmNTQtNTAxMGFmODkwM2YyLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,74862,74937,74894,74863,78810,82548,75150,73785],"class_list":["post-193646","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-bitcoin","tag-bitcoin-price","tag-blockchain","tag-cryptocurrencies","tag-enjin","tag-gbtc","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/193646","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=193646"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/193646\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/193647"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=193646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=193646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=193646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}