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Tips Bitcoin Trading

Bitcoin reached a new high of $ 50,602 and the most recent rise was 5%, at $ 50,300. It's up about 72% so far this year, with most of the gains coming after electric car maker Tesla said it had bought $ 1.5 billion in bitcoin, and also said it would accept the currency as payment.

 

Bitcoin rose above $ 50,000 to a new record high, based on a rally fueled by signs that the world's largest cryptocurrency is gaining acceptance among major investors.


 



Bitcoin and its recent winnings

But Tesla was only the latest in a string of large investments that leapt into Bitcoin from financing margin to company balance sheets and dealing offices on Wall Street, as US corporations and traditional money managers started buying much of it.

"Recent market conditions and events in both the cryptocurrency space and the financial world in general place this price action in the range of possibilities," said Jacob Skainen of ARK36 cryptocurrency hedge fund.

"Nevertheless, I would like to offer a word of caution: While my long-term outlook is bullish, large price swings are expected along the way, Bitcoin remains very volatile."

Bitcoin price analysis from a technical point of view
Bitcoin price succeeded in moving towards the target that we talked about in the previous analysis, to be a new historical level, and it is still continuing to rise further, as it is now trading near 52400 levels.

 Technically, we notice that the price of the cryptocurrency is moving inside a rising wedge pattern on a four-hour time frame, as shown on the graph.

This pattern is one of the reversal patterns that may push Bitcoin lower and target $ 42,000 levels again, with a breach of the lower boundary of the pattern.

Bitcoin hit a new record high during trading on Friday, setting an eye on market capitalization of more than $ 1 trillion, ignoring warnings from analysts such as JPMorgan.

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