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Bitcoin breaks out above $50k 🟩

Analysis powered by Tickmill

Bitcoin Chart

BTC Rally Continues

Bitcoin bulls will no doubt be rejoicing this week after BTC futures breaks out back above the $50k mark for the first time since 2021. The leading crypto coin has been on a strong move higher in recent weeks, recovering from those post-SEC lows. Following the SEC approval of spot bitcoin ETFs earlier this year, the market went into reverse as heavy outflows sunk BTC prices. However, with those outflows having subsided recently and ETF demand continuing to grow, BTC prices have been recovering firmly with the market now up 30% off those January lows.

Risk-On Supporting BTC

With the broader risk market seeing positive sentiment currently, BTC is benefiting from those flows too. Expectations of US rate cuts this year are driving a rally across stock markets with the tech sector in particular seeing strong gains. With BTC set to benefit from looser financial conditions too the current backdrop is highly supportive for BTC.

April Having in Focus

Looking ahead, much focus is being placed on the upcoming April halving event. Prior halving dates have led to sizeable rallies in the market and bulls are hopeful of further strength materialising this time around. The golden scenario for BTC would be a weakening of US inflation data ahead of that time and a stronger indication that the Fed is likely to cut rates over the summer, which would certainly then feed into stronger gains for BTC.

Technical Views

The rally in Bitcoin has seen the market breaking out above the prior 2024 highs around 48350. With momentum studies bullish, the focus is on a continued move higher and a test of the 53385 level and channel highs next. To the downside, 45520 is the main support to note.

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