BREAKING: Bitcoin Crosses $50,000 Mark After 3 Months

Bitcoin BTC/USD crossed the psychologically important $50,000 level on Sunday night.

See Also: How To Buy Bitcoin (BTC)

What’s Moving? The apex cryptocurrency touched an intraday high of $50,019.20 shortly before press time.

BTC traded 2.42% higher at $49,915.30 over 24 hours at press time. For the week, the apex cryptocurrency traded 4.97% higher.

Since the year began, BTC has gained 70.28%. Bitcoin last traded above the $50,000 mark in May.

Why Is It Moving? Even as the apex cryptocurrency crosses the $50,000 hurdle, analysts are cautious as they warn of resistance coming in the way of further immediate upside.

“Today is the first day we are testing my $50k target area and seeing a reaction,” said options veteran John Wick.

Wick touched on “supply front running fears of $50k distribution.”

A Bloomberg report last week explored Bitcoin’s over 60% price increase since July and said the apex coin faced “a rare confluence of technical obstacles” such as a Fibonacci and Ichimoku cluster between $47,000 and $48,000.
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