- The Bitcoin market faced re-testing and validation of $ 50K support last week, which confirmed bullish interest.
Last week we witnessed many important events for Bitcoin, which took place on the market and outside it, and therefore we bring you this summary.
Let’s first look at the events that took place outside the market where we saw several important news that were started by Microsoft. The world-renowned multinational technology company conducted a customer survey for its Xbox division, in which it also asked whether customers would like to pay for services in Bitcoins.
However, this was nothing compared to insider information from NYDIG CEO Robert Gutmann, who confirmed that unnamed sovereign wealth funds turned to them with requests to buy Bitcoins. The bullish mood on the second day was also raised by information about NZ Funds, which manages over $ 2.0 billion of New Zealanders’ savings, has invested in Bitcoins.
As you can see, the positive news is still increasing what works for Bitcoin as a bullish impulse.
Regarding market events, we could see two important findings here. First of all, it was the $ 58,200 to $ 62,000 reverse zone that worked again, and Bitcoin couldn’t beat it. Bitcoin thus began to lose confidence and bears sent him from a measured maximum of $ 60,129 (Binance) to $ 50K.
Here we come to the second important finding, that the new and current support for $ 50K confirmed its validity and the price jumped up again. It happened for the first time since we surpassed $ 50,000 that this support was not broken during the re-test, as happened several times last month.
Technical analysis also says:
- New confirmed support at $ 50K
- Next support in the area of $ 42K – $ 43K
- Key support in the area of $ 28K – $ 30K
- The $ 58,200 to $ 62,000 range is a confirmed reversal zone