Market Wrap: Bitcoin Rallies On After Passing $50K Psychological Level to $52K

Market Wrap: Bitcoin Rallies On After Passing $50K Psychological Level to $52K


Bitcoin broke above $52,000 Wednesday, with a market capitalization nearing $1 trillion.

Bitcoin (BTC) trading around $52,231.69 as of 21:00 UTC (4 p.m. ET). Gaining 7.16% over the previous 24 hours. Bitcoin’s 24-hour range: $48,430.80-$52,536.47 (CoinDesk 20) BTC trades above its 10-hour and 50-hour averages on the hourly chart, a bullish signal for market technicians.

Bitcoin trading on Bitstamp since Feb. 15.

Source: TradingView

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Bitcoin trading volume on major exchanges.

Source: CoinDesk

Bitcoin is in “uncharted territory,” said Hunain Naseer, senior editor at OKEx Insights, after its price surged to a new all-time high above $52,000, only a day after it passed the key psychological threshold of $50,000.

Price volatility remains high when compared with major macro assets including the Standard & Poor’s 500 Index of stocks, gold and bonds.

Source: CoinDesk Research, St. Louis Fed, Yahoo Finance

“We can expect some consolidation

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