New All-Time High: Bitcoin Finally Breaches the Highly-Coveted $50k Barrier

16 February 2021 | Updated: 16 February 2021

After a long week of push and pull, Bitcoin (BTC) has finally recorded a $50k price mark in the Asian session on Tuesday. The benchmark cryptocurrency recorded a daily high at $50,085 a few hours ago, according to Binance.

Although several exchanges have reported slightly different figures, most report that the $50k mark was indeed breached. At press time, BTC is trading at $49,200.

While the recent development is a positive one for Bitcoin, Glassnode noted in its latest weekly report that the Average Spent Output Lifespan indicator (ASOL) shows that older coin holders took advantage of last week’s Musk-driven rally to offload their holdings. The company noted that “the Elon Candle has lifted the average age of coins spent from 30-days to 58-days, as shown in the ASOL. This behavior slowed during the consolidation in January and has started ramping back up this week.”

Meanwhile, the on-chain analytics provider cited this data with a bullish metric that shows that sales of BTC by miners have dropped significantly, suggesting that they have accrued enough profit to break even.

Bitcoin’s recent rally has ended Monday’s correction and has lifted the entire cryptocurrency market capitalization back over $1.5 trillion.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — February 16

Following a correction to the $46,000 support (as projected in a recent analysis), the cryptocurrency has staged a massive comeback, recording a new all-time high at the highly-coveted $50k mark. However, BTC got rejected at the new ATH and saw a sharp drop to the $48,500 support level, where it has staged a healthy rebound to the $49,200 area.

That said, we expect a slightly-prolonged consolidation beneath the $50k mark, punctuated by modest retraces to the $49k mark (or below), while traders wait for a new bullish factor to push the price higher.

Meanwhile, our key resistance levels are at $50,000, $50,500, and $51,000. While our key support levels are at $48,500, $47,500 and $46,000.

Total Market Capitalization: $1.52 trillion

Bitcoin Market Capitalization: $913 billion

Bitcoin Dominance: 59.7%

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.