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Bitcoin hitting fresh records above $50K

Fawad Razaqzada Fawad Razaqzada 17/02/2021
Bitcoin hitting fresh records above $50K Bitcoin hitting fresh records above $50K
Bitcoin hitting fresh records above $50K Fawad Razaqzada
Gold and Bitcoin continue to head in the opposite directions. The cryptocurrency broke above the $50,000 hurdle for the first time ever on Tuesday and is continuing to push to new uncharted territories at the start of today’s session, hitting a high so far of $51,500. In contrast, gold is now looking quite bleak after breaking the $1800 support as investors keep a close eye on government bonds after the 10-year US yield climbed above the March 2020 high the day before. Bond prices have slumped in recent weeks with investors piling into the more risk-sensitive assets like stocks, cryptos, crude oil and copper amid speculation that the ongoing COVID vaccine rollout, slowing virus outbreaks and ongoing central bank and government stimulus will all help to stimulate a sharp global economic recovery.  In other words, the “reflation” trade has been kind to cryptos, but not much for safe-haven gold.

Bitcoin remains fundamentally supported because of growing demand as major companies warm towards cryptocurrencies. So, even if prices were to correct themselves it is unlikely to be in the style of the late 2017 drop, when Bitcoin went on to lose more than 80% of its value by late 2018. Bitcoin has become a lot more stable and although it will dip here and there, it is unlikely to drop by similar amounts in percentage terms again. But in so far as the short-term is concerned, Bitcoin will need to hold its own above the $50K to keep the bullish momentum alive, otherwise a short-term correction could be on the cards.

At the time of writing, Bitcoin was testing the upper resistance of its bullish channel around $51,500. While a bit of a pullback is possible, for as look as it holds above that $50K level in the days ahead, the bullish momentum will be kept alive. Meanwhile, there are no obvious technical levels to watch on the upside, except the big milestones like $55K, $60K etc.

BitcoinSource: ThinkMarkets and TradingView.com
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Mohammed Zidan
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Mohamed Zidan
Chief Market Strategist, Dubai

Mohamed Zidan is a chief market strategist in Dubai and CFA Level III candidate. He reports to London office and has more than eight years of experience focusing on Forex, Commodities, Indices and global economic developments as well as central bank policies and intermarket analysis. worked as FX Analyst, and Strategist in several different organizations and for various departments. He holds a bachelor’s degree from Cairo University in Egypt. Mohamed Zidan is a regular guest on several major TV networks such as; CNBC Arabia, Fran24 Arabic, Alarabiya , Dubai TV, Sama Dubai, Skynews Arabia, Saudi National News, and Egypt National news.

Zidan presents insight to the markets movements, holds open discussions and relays possibilities related to the world’s financial market and economies.

Mohamed Zidan has been invited as a guest speaker for several international seminars. Zidan provides daily and weekly outlook for the markets. His experience ranges from currencies, commodities, stocks and options. he applies a top-down, global macro approach combined with price action to generate trade ideas and anticipate the next move.

Victor Golovtchenko
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Victor Golovtchenko
Global Macro Analyst, Sofia

Victor Golovtchenko has been analysing and trading foreign exchange markets since 2004, and is actively involved in the online media space since 2014. His tenure as a Senior Editor at a major brokerage industry news outlet was followed with a breakthrough into the financial news space with the brand new TradeStar website.

As an affectionate macro-focused analyst, he has an integrated framework to look at financial markets as a whole, identifying gaps between currencies, stocks, bonds, and other asset classes to get a core complete picture of the macroeconomic environment.

Fawad Razaqzada
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Fawad Razaqzada
Market Analyst, London

Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms. He leverages years of market knowledge to provide retail and professional traders worldwide with succinct fundamental & technical analysis. Fawad also offers trading education to help shorten the learning curves of developing traders.
 
His colleagues consider him an expert at reading price action on the charts. This together with his deep understanding of economics and fundamental analysis, and trading experience, puts him in a great position to forecast short term price movements. Fawad covers a wide range of markets, including FX, commodities, stock indices and cryptocurrencies and his comments are regularly quoted by the leading financial publications such as Reuters and Market Watch. In addition to ThinkMarkets, Fawad also provides analysis and premium trade signals on his own website at TradingCandles.com.
 
 

Carl Capolingua
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Carl Capolingua
Market Analyst, Melbourne

Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Mohammed Zidan
Mohamed Zidan
He has more than eight years of experience focusing on Forex, Commodities, Indices and global economic developments as well as central bank policies and intermarket analysis.
Victor Golovtchenko
Victor Golovtchenko
Victor Golovtchenko has been trading on the foreign exchange markets since 2004, and is actively involved in the online media space since 2014. His tenure as a Senior Editor follows his role with TradeStar.
Fawad Razaqzada
Fawad Razaqzada
Fawad is an experienced analyst and economist having been involved in the financial markets since 2010, producing market commentary and research for a number of global FX, CFD and Spread Betting brokerage firms.
Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.

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