Today was an exciting day for crypto traders because Bitcoin is sitting in the all-time high territory right now. But the crypto industry has yet to make up its mind about the new resistance and supporting levels.
On Tuesday 17th, February 2021, Bitcoin was trading above $50,000 briefly for the first time in its history. This happened during early U.S. trading hours.
There were some folks that were bullish about this and were warning people about the upcoming price correction. But most crypto-traders don’t seem to think that will be happening.
We have seen year after year that bitcoin has been trading at higher values compared to previous years. Which leads most people to believe that 2021 wouldn’t be any different. In fact, with everything else going on in the world right now, most think that this is a great catalyst for bitcoin to rise to even higher valuation.
When tracking the top 8 crypto exchanges, we noticed that the trading volume did remain flat for most of the day.
“We are at all-time-highs territory [and] the market still has to make up its mind. My opinion is that new highs [are coming] in the short term” says Alessandro Andreotti, bitcoin over-the-counter broker.
Bitcoin is reaching these highs when retail investors are showing an increasing interest in the derivatives market. With everything that happened with the Gamestop and AMC stocks, it makes sense why the retail investors will be more interested in seeing which companies are being unfairly shorted.
It does show the resistance of the crypto market though. Even after the spotlight is away from it, Bitcoin manages to get some screen-time for itself every year when it hits a new all time high.