Bitcoin saw an impressive rise to begin the week, reaching over $50,000 on the markets. On February 13, BTC is trading at just over $49,000, slightly returning to earth a bit. However, its 13% surge in the past month can’t be ignored.
While Bitcoin today appeared bearish, the performance of the leading cryptocurrency has been one to marvel at. Following a steady start to February around the $42,000 level, BTC exploded last week to $49,000 and even touched $51,0000 for a short period. However, some market watchers have expressed concerns that the surge was a false breakout. On the hourly chart, the rate of BTC is looking bearish since Tuesday morning.
Currently, the bears and bulls for Bitcoin appear to be in a tug-of-war. The bullish surge for BTC is certainly one that holders don’t want to lose out on. On the other hand, bears can see Bitcoin dropping even lower, and riding this fall to as low as $46,000 once again.
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On Monday, leading crypto analytics platform Glassnode reported that key on-chain indicators assessing Bitcoin’s value have entered a “high-risk” zone. Therefore, a bullish rebound is still possible, but the latest drop this morning indicates that this rebound is under threat.