Bitcoin Price Recovers to Levels Above $52,000


After falling at the beginning of last week, the price of Bitcoin has recovered above $52,000, nearly 6% in the last 24 hours on Wednesday.

March 3, 2021 | AtoZ Markets – On March 3, prices of the first cryptocurrency Bitcoin (BTC) rose from a level of about $47,500 to levels above $52,000. At the time of writing, the BTC price on the Bitstamp exchange reached $52,360.

Data: TradingView.

As a reminder, Bitcoin price collapsed at the beginning of last week, to levels near $45,000.

Against the background of the sharp decline, analysts at the CrossTower crypto trading platform said that the interest of large investors in the first cryptocurrency will continue to support the asset price above $50,000 .

At the end of February, the CryptoQuant company recorded large batches of bitcoin outflows from the American exchange Coinbase, which is focused on large investors. According to the CEO of the firm, Ki Yoon Joo, these were price-cut digital gold purchases that they made in the OTC market.

This is the strongest bullish signal I’ve ever seen,” the head of CryptoQuant noted at the time.

On March 3, CryptoQuant specialists stated another major Bitcoin withdrawal from Coinbase.

Analyst Lex Moskovsky considers the stock balances in the first cryptocurrency, which are at a 3-year low, as a positive signal for the price.

Colin Wu drew attention to another sign of a bull market – the implied volatility of Bitcoin fell to the levels of early
January.

As a reminder, JPMorgan analysts suggested that bitcoin would not be able to hold record price levels above $50,000 before volatility dropped significantly.

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