Bitcoin reached just pass U$60,000 last Saturday, a new all time high. Can the renewed uptrend in Bitcoin be connected with a new purchase of 262 Bitcoin tokens by MicroStrategy Inc on March 12? Michael Saylor in his interview with Ben Armstrong stated that “Bitcoin is the GREATEST Asset in Human History!”. Michael, a sceptic turned evangelist of Bitcoin, has been piling MicroStrategies BTC holdings which is now at 91,326 Bitcoin!
Having achieved a high of $61,788, the BCTUSD pair is now in retracement mode, as traders start to take profit from the recent move.
The 4-hour trend on Trading View shows that the retracement move can close in on the previous resistance of $58,363 and can be the new support price for BTC. A breakdown of this support could send prices down towards $52,672.43. However, I feel the $1.9 trillion coronavirus relief package, which will soon be releasing payments of up to $1,400 per person to the US population, will help surge the price to yet another ATH. Watch out for the support at $58,363.33, as we could have a retest of the record high of BTC from anywhere between $63,713.22 to $68,729.79!