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Bitcoin Inching Closer to $50,000 as Price Recovery Gains Steam

Tue, 03/01/2022 - 14:43
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Alex Dovbnya
Bitcoin is eyeing the incredibly important $50,000 level now that Bitcoin has spiked 20% in several days
Bitcoin Inching Closer to $50,000 as Price Recovery Gains Steam
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The Bitcoin price soared 18.34% over the last 24 hours to hit $44,918, the highest level since Feb. 10, at 1:05 p.m. UTC, on the Bitstamp exchange.

BTC
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Its market capitalization currently stands at $845 billion, which makes up 43.3% of the total value of the cryptocurrency market.

Roughly $161.3 million worth of Bitcoin has been liquidated over the past day. Short positions account for the majority of the wipeout (66.79%).

The vast majority of altcoins also recorded significant gains, with Terra (LUNA) and Avalanche (AVAX) soaring roughly 20%.

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Bitcoin would have to add another 11.3% in order to reclaim the much-coveted $50,000 level. The flagship cryptocurrency is yet to reclaim it this year after its value plummeted in late 2021.

As reported by U.Today, veteran trader John Bollinger recently called attention to a bullish setup formed by the world's largest cryptocurrency on its weekly chart, suggesting that there could be room for further upsides.

As for equities, U.S. stock futures fell on Tuesday, indicating that major indices will open in the red today. This suggests that Bitcoin is becoming more independent from the mainstream financial system after a 120-day correlation between the leading coin and the S&P 500 index reached yet another high.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.