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Bitcoin Recovers From Dip to Set Record High Close to $50K

Analysts say more spot buying is needed to bring bitcoin over the $50,000 mark.

By Omkar Godbole
Updated Sep 14, 2021, 12:11 p.m. Published Feb 16, 2021, 9:04 a.m.
Bitcoin prices for the last 24 hours.
Bitcoin prices for the last 24 hours.

Bitcoin printed new lifetime highs near $50,000 this morning, having crowded out excess bullish leverage in the derivatives market with a swift price drop on Monday.

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The top cryptocurrency by market value clocked a record high of $49,950.93 at around 08:00 UTC Tuesday and was last seen trading near $49,280, representing a 2.8% gain on the day, according to CoinDesk 20 data.

Prices had fallen Monday by $3,000 to below $45,926 during the early Asian trading hours, triggering nearly $392 million-worth of long liquidations in the derivative market.

While the dip was short-lived, a breakout above $50,000 has so far remained elusive. Bitcoin now needs the help of cash/spot buyers to rise above $50,000, according to Patrick Heusser, head of trading at the Swiss-based Crypto Finance AG.

"Everyone in derivatives have done their job, and they look exhausted," Heusser told CoinDesk, adding that prices could consolidate between $44,000 and $50,000 if spot buyers continue to sit on the fence.

See also: Institutions Not Worried About Bitcoin Dropping Below $40K, Options Data Shows

The cryptocurrency's recent rally from $40,000 has been primarily driven by leverage on derivatives, and as spot market volumes on institutional-focused exchanges such as Coinbase Pro have cooled, as discussed on Monday.

Notably, the Coinbase premium indicator, which measures the spread between Coinbase Pro’s BTC/USD pair and Binance’s BTC/USDT pair, continues to report negative values, as noted by Ki Young Ju, CEO of blockchain analytics firm CryptoQuant, on Tuesday. The negative premium indicates weak institutional inflows.

BitcoinMarkets
Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.

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