Bitcoin made a strong breakthrough on Friday, February 9, with its market value skyrocketing. By the end of the day, BTC had exceeded $47,300 and was edging closer to the decisive $48,000 line.
Technical analysis suggests that if this resistance level is breached, Bitcoin could surge to a yearly high of $49,000 before the month ends.
Positive sentiment is amplified by the weekly stochastic momentum indicator RSI, which has entered the oversold zone. Historically, this occurrence has typically resulted in the crypto asset’s value increasing.
However, Coingecko’s experts advise crypto traders to proceed with caution due to the likelihood of a pullback from the upper resistance line at $48,500.
According to CoinMarketCap, Bitcoin’s market value has risen by 6.2% in the past 24 hours. Over the week, BTC has regained its previous losses and grown by 11%.
In other news, Max Keiser, Advisor to the President of El Salvador, has hinted at a potential $500 billion investment in bitcoins by the Qatari authorities.