That’s why Bitcoin’s bull run is still on track- The Cryptonomist
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After declining since November 2021, Bitcoin (BTC) took a huge rebound in the past 7 days and hit as high as $45,468 on February 9. Though Bitcoin price faced rejection at $45,000 mark, it is still trading above the key resistance of $44,000. Moreover, following reasons indicate that an upward breakout in Bitcoin price is brewing and the bull run hasn’t done yet.
Bitcoin set to become an institutional trading market
From a study by Nickel Digital Asset Management, a London-based FCA-regulated investment manager dedicated to the cryptocurrency area, top 100 global institutional investors had increased their allocation to Bitcoin and other cryptocurrencies in the past year. What’s worth noting is that almost all the firms surveyed by Nickel Digital Asset Management, are bullish on long-term target allocations towards Bitcoin. In addition, large banks like Morgan Stanley and Goldman Sachs are starting to offer their clients a wide array of cryptocurrency. The increasing institutional adoption of finite Bitcoin (21 million, with almost 90% of coins already in circulation) will be a catalyst for the bull market in the long-term.
Bitcoin bull run mimics U.S. stocks rally
During the pandemic of coronavirus, there’s a growing interconnectedness between virtual assets and financial markets, U.S. stock market in particular, amid greater adoption by institutional investors. Based on the study by the IMF, the correlation coefficient of Bitcoin and S&P 500 (major U.S. stock indices) jumped to 0.36, and the Bitcoin’s price movement seems to be in sync with the U.S. stock market.
Upbeat earnings news from some well-known companies is contributing to the continued strength on Wall Street. And bitcoin price also soars along with the extended rally in stock market.
Technician’s take
On the daily chart, Bitcoin performed an oversold bounce, breaking above the downward trend line formed since November. But it is still suppressed by the neckline of the “Head-Shoulder” pattern. MACD and RSI indicators are showing a positive signal. After consolidating above $44,000, the next target will be $46,000 (Fib 38.2% level).
How to Maximize Profits in BTC Rally?
Investors and speculators are seeking the best techniques and opportunities to maximize trading profitability in cryptocurrency investment, especially those who don’t have much money at hand.
BTC futures trading is a popular instrument that allows traders to profit on the market fluctuations. And its leverage function also enables you to invest a small amount of money to open a larger position, and maximize the profits if bet in the right direction.
Here takes 100x leverage as an example. If you want to open a 100 BTC long position when BTC prices at $44,000, you only use 1 BTC as margin. When BTC climbs up to $46,000, you will earn ($46,000 – $44,000)*100BTC / $46,000 = 4.09 BTC. With only 1 BTC invested, you will have a chance to make an ROI up to 409%.
Bexplus – Top Bitcoin Futures Exchange with 100x Leverage
Bexplus is a reliable and professional BTC futures trading platform, offering 100x leveraged BTC, ETH, Doge, ADA and XRP, etc. perpetual contracts. It is popular among over one million traders from over 200 countries/regions. In addition, it is safe for being accredited by MSB (Money Services Business).
Trade in Bexplus, you can enjoy:
- Easy registration with email address. No KYC is required, keep your personal information private.
- 10 free BTC for trading simulation.
- Bitcoin wallet with an annualized interest rate of up to 21%.
- Ultra-fast and simple withdrawal process.
- High liquidity. All orders will be executed immediately with low latency.
- Trade on Android, iPhone or computer.
Get 100% Free BTC Bonus in Bexplus
Deposit BTC in your account, you will get 100% free BTC reward. For instance, if you deposit 10 BTC in, you will get 20 BTC in total credited to your account. Bonuses are not withdrawable while the profits gained with the bonus are withdrawable.
For traders who are seeking an opportunity to maximize the return in bitcoin trading, BTC futures contract is a good choice. If you haven’t traded BTC futures contracts before, Bexplus’s trading simulator is recommended. Sign up now to get a 100% Bonus!
*This article has been paid. The Cryptonomist didn’t write the article nor has tested the platform.
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