Bitcoin Sees Second Spike this Week as Mastercard Announces Integration Plans

Bitcoin Sees Second Spike this Week as Mastercard Announces Integration Plans

Bitcoin (BTC) spiked to a new all-time high on Thursday, following a recent announcement that MasterCard plans to integrate cryptocurrencies into its payment services later this year.

The credit card behemoth’s decision came a few days after Tesla announced that they had acquired $1.5 billion worth of Bitcoin in January and will start accepting payment in Bitcoin.

Traders reacted in a bullish manner to the news, sending the price of the benchmark cryptocurrency up by more than 5% to a new ATH at $48,388.

Meanwhile, the bullish prospects for Bitcoin went up even further on another announcement today that the oldest-existing US bank, New York Corp, will soon start dealing cryptocurrencies to specific investors.

The bank noted that it would hold, transfer, and issue Bitcoin and other digital assets for its asset management clients, opening the door to a safer cryptocurrency investment channel for more mainstream institutions to come on board.

The Chief Executive Officer of BNY Mellon’s asset-servicing and digital businesses, Roman Regelman noted that “digital assets are becoming part of the mainstream.” The CEO added that many hedge funds, asset managers, and other institutional investors have been requesting Bitcoin services from BNY Mellon for a while now, which has prompted the bank to integrate crypto assets in its services.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — February 11

Bitcoin saw an unexpected spike earlier today to the upper-$48k level on the back of strong fundamental factors. The spike broke the cryptocurrency out of a crucial correction process to our ascending trendline.

Nonetheless, we expect a continuation of the previous correction to the $46,000-$45,000 area over the coming hours and days. However, a break above the $48,388 level could put the correction on hold or negate it completely.

Meanwhile, our key resistance levels are at $48,388, $49,000, and $49,500. While our key support levels are at $47,500, $46,000 and $45,000.

Total Market Capitalization: $1.46 trillion

Bitcoin Market Capitalization: $882 billion

Bitcoin Dominance: 60.3%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.