{"id":487007,"date":"2022-03-28T18:00:04","date_gmt":"2022-03-28T18:00:04","guid":{"rendered":"https:\/\/ktsl888.com\/?p=487007"},"modified":"2024-06-11T14:18:44","modified_gmt":"2024-06-11T14:18:44","slug":"bitcoin-likely-to-continue-upward-trajectory-is-50k-its-next-target","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-likely-to-continue-upward-trajectory-is-50k-its-next-target\/","title":{"rendered":"Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target?"},"content":{"rendered":"<p>Bitcoin approaches the high area around its current levels, for the first time since the start of 2022. The cryptocurrency has seen some relief from the macro factors putting selling pressure on its price action, and a new narrative has revigorated the bulls: BTC as pristine collateral.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/malice-or-ignorance-the-new-york-times-keeps-printing-lies-about-bitcoin-mining\/\" target=\"_blank\" rel=\"noopener \">Malice Or Ignorance? The New York Times Keeps Printing Lies About Bitcoin Mining<\/a><br \/>\n<\/strong><\/p>\n<p>At the time of writing, Bitcoin trades at $47,600 with a 7% and 15% profit in the last 24-hours and 7-days, respectively.<\/p>\n<figure id=\"attachment_487019\" aria-describedby=\"caption-attachment-487019\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-487019 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Bitcoin-BTC-BTCUSD-17.png?resize=860%2C386\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"386\"><figcaption id=\"caption-attachment-487019\" class=\"wp-caption-text\">BTC is rallying on the 4-hour chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/1GNYms9y\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n<p>There are several factors that could be contributing to the current bullish price action. As mentioned, Bitcoin has a new narrative supported by the Terra ecosystem and the Luna Foundation.<\/p>\n<p>This entity has announced the purchase of billions of dollars in Bitcoin to support the U.S. dollar-pegged of their native stablecoin UST. In addition, the first crypto by market cap will be used to guarantee the 19% APY of Anchor, a protocol currently offering a 19% APY for UST stakers.<\/p>\n<p>The new narrative coming out of this ecosystem, together with Terra\u2019s growing popularity, could have managed to attract fresh capital.<\/p>\n<p>Data from Material Indicators suggest the new buyers pushing BTC\u2019s price from the mid $30,000 have deep pockets. As seen below, investors with bid orders of around $100,000 (purple in the chart) to whales with bid orders from $1 million to $10 million (brown in the chart) have been buying this price action since March 15.<\/p>\n<figure id=\"attachment_487020\" aria-describedby=\"caption-attachment-487020\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-487020 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Bitcoin-BTC-BTCUSD-MI-1.png?resize=860%2C278\" alt=\"Bitcoin BTC BTCUSD MI 1\" width=\"860\" height=\"278\"><figcaption id=\"caption-attachment-487020\" class=\"wp-caption-text\">Retail selling as large investors buy Bitcoin since the start of 2022. Source: <a href=\"https:\/\/materialindicators.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Material Indicators.<\/a><\/figcaption><\/figure>\n<p>In the meantime, retail investors (yellow in the chart) or investors with smaller orders (red in the chart) have been decreasing their activity. This trend, as the chart above shows, has persisted since the start of 2022 and suggest institution have been more bullish than the average investor.<\/p>\n<p>In lower timeframes, Material Indicators records a stack of selling orders of around $48,000. This could suggest those levels could operate as resistance in the short term.<\/p>\n<h2>The Biggest Obstacle For A Bitcoin Rally<\/h2>\n<p>There are around $11 million in selling orders at $48,000. Around $50,000, there are $14 million in selling orders which could provide additional resistance.<\/p>\n<figure id=\"attachment_487021\" aria-describedby=\"caption-attachment-487021\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-487021 size-large\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Bitcoin-BTC-BTCUSD-MI-2.png?resize=860%2C278\" alt=\"Bitcoin BTC BTCUSD MI 2\" width=\"860\" height=\"278\"><figcaption id=\"caption-attachment-487021\" class=\"wp-caption-text\">BTC price (blue line in the chart) faces a huge stack of selling orders (above price in red and yellow). Source: <a href=\"https:\/\/materialindicators.com\/\" target=\"_blank\" rel=\"noopener nofollow\">Material Indicators<\/a><\/figcaption><\/figure>\n<p>With over $25 million in asks above its current price, Bitcoin could move sideways as bulls gain force to break above those levels. In the case of downside, $46,000 seems like a potential support zone as there are $6 million in buying orders around those levels.<\/p>\n<p>A break above $50,000 in the short term could push BTC\u2019s price back to previous highs as it would confirm the strength of the current price action.<\/p>\n<p style=\"text-align: center\"><strong>Related Reading | <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-breaks-47k\/\" target=\"_blank\" rel=\"noopener \">TA: Bitcoin Breaks $47K, Can Bulls Aim $50K?<\/a><\/strong><\/p>\n<p>In the current macro-economic outlook, Bitcoin continues to display conviction and has been able to briefly decouple from the traditional market. Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/75332868?s=20&amp;t=4idcOKkY2NTenSsJKpCA9A\" target=\"_blank\" rel=\"noopener nofollow\">said<\/a> the following on BTC\u2019s price as equities weakened:<\/p>\n<blockquote><p>Bitcoin Taking Risk-Off Baton? 1Q may be just another blip in the trend of rising risk assets amid the highest inflation in 40 years and war in Europe, yet our bias is that the 2022 endgame isn&#8217;t likely to be that easy. Bitcoin &#8212; is showing divergent strength.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin approaches the high area around its current levels, for the first time since the start of 2022. The cryptocurrency has seen some relief from the macro factors putting selling pressure on its price action, and a new narrative has revigorated the bulls: BTC as pristine collateral. Related Reading | Malice Or Ignorance? The New York Times Keeps Printing Lies About Bitcoin Mining At the time of writing, Bitcoin trades at $47,600 with a 7% and 15% profit in the last 24-hours and 7-days, respectively. There are several factors that could be contributing to the current bullish price action. As mentioned, Bitcoin has a new narrative supported by the Terra ecosystem and the Luna Foundation. This entity has announced the purchase of billions of dollars in Bitcoin to support the U.S. dollar-pegged of their native stablecoin UST. In addition, the first crypto by market cap will be used to guarantee the 19% APY of Anchor, a protocol currently offering a 19% APY for UST stakers. The new narrative coming out of this ecosystem, together with Terra\u2019s growing popularity, could have managed to attract fresh capital. Data from Material Indicators suggest the new buyers pushing BTC\u2019s price from the mid $30,000 have deep pockets. As seen below, investors with bid orders of around $100,000 (purple in the chart) to whales with bid orders from $1 million to $10 million (brown in the chart) have been buying this price action since March 15. In the meantime, retail investors (yellow in the chart) or investors with smaller orders (red in the chart) have been decreasing their activity. This trend, as the chart above shows, has persisted since the start of 2022 and suggest institution have been more bullish than the average investor. In lower timeframes, Material Indicators records a stack of selling orders of around $48,000. This could suggest those levels could operate as resistance in the short term. The Biggest Obstacle For A Bitcoin Rally There are around $11 million in selling orders at $48,000. Around $50,000, there are $14 million in selling orders which could provide additional resistance. With over $25 million in asks above its current price, Bitcoin could move sideways as bulls gain force to break above those levels. In the case of downside, $46,000 seems like a potential support zone as there are $6 million in buying orders around those levels. A break above $50,000 in the short term could push BTC\u2019s price back to previous highs as it would confirm the strength of the current price action. Related Reading | TA: Bitcoin Breaks $47K, Can Bulls Aim $50K? In the current macro-economic outlook, Bitcoin continues to display conviction and has been able to briefly decouple from the traditional market. Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone said the following on BTC\u2019s price as equities weakened: Bitcoin Taking Risk-Off Baton? 1Q may be just another blip in the trend of rising risk assets amid the highest inflation in 40 years and war in Europe, yet our bias is that the 2022 endgame isn&#8217;t likely to be that easy. Bitcoin &#8212; is showing divergent strength.<\/p>\n","protected":false},"author":535,"featured_media":485027,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-487007","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target?<\/title>\n<meta name=\"description\" content=\"Bitcoin approaches the high area around its current levels, for the first time since the start of 2022, and could see more gains.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/ktsl888.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target?","url":"http:\/\/ktsl888.com\/news\/bitcoin-likely-to-continue-upward-trajectory-is-50k-its-next-target\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-likely-to-continue-upward-trajectory-is-50k-its-next-target\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Bitcoin-5.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Bitcoin-5.jpg?fit=1920%2C1138"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2022-03-28T18:00:04Z","datePublished":"2022-03-28T18:00:04Z","dateModified":"2024-06-11T14:18:44Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target?\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-likely-to-continue-upward-trajectory-is-50k-its-next-target\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-likely-to-continue-upward-trajectory-is-50k-its-next-target\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/Bitcoin-5.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/Bitcoin-5.jpg?fit=1920%2C1138\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2022-03-28T18:00:04Z\",\"datePublished\":\"2022-03-28T18:00:04Z\",\"dateModified\":\"2024-06-11T14:18:44Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/03\/Bitcoin-5.jpg?fit=1920%2C1138","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/487007","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=487007"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/487007\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/485027"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=487007"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=487007"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=487007"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}