{"id":456314,"date":"2021-02-09T13:00:18","date_gmt":"2021-02-09T13:00:18","guid":{"rendered":"https:\/\/wncen.com\/?p=456314"},"modified":"2024-06-11T14:13:13","modified_gmt":"2024-06-11T14:13:13","slug":"bitcoin-eyes-50k-with-weaker-dollar-stimulus-and-tesla-in-focus","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-eyes-50k-with-weaker-dollar-stimulus-and-tesla-in-focus\/","title":{"rendered":"Bitcoin Eyes $50K with Weaker Dollar, Stimulus, and Tesla in Focus"},"content":{"rendered":"<p>Bitcoin rally paused after notching a new record high on Tuesday, suggesting that its supersonic rally in the previous session might pare a portion of its gains.<\/p>\n<figure id=\"attachment_456315\" aria-describedby=\"caption-attachment-456315\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/weuzVXxf.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-456315\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/weuzVXxf.png?resize=860%2C498\" alt=\"Bitcoin, cryptocurrency, BTCUSD, BTCUSDT\" width=\"860\" height=\"498\"><\/a><figcaption id=\"caption-attachment-456315\" class=\"wp-caption-text\">Bitcoin corrects lower after hitting $48,200. Source: BTCUSD on TradingView.com<\/figcaption><\/figure>\n<pre>Bitcoin corrects lower after hitting $48,200. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=COINBASE\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>The benchmark cryptocurrency headed for its most robust one-day performance in more than three years as its price surged to $46,750 from $38,871 on Monday. The euphoria sustained into the next day&#8217;s Asian session, with <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-surges-20-50k-next\/\" target=\"_blank\" rel=\"noopener \">BTC\/USD hitting another historical peak level of $48,200<\/a>.<\/p>\n<p>Nevertheless, sellers took control at the top, causing a minor drop as the market entered the European session. On the other hand, analysts remain convinced that Bitcoin will rise towards $50,000 in the coming sessions.<\/p>\n<div class=\"mceTemp\"><\/div>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">$50,000 incoming for <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a><\/p>\n<p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/52088320?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 9, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>One Common Bitcoin Bull<\/h2>\n<p>At the core of their bullish analogy remains the US dollar. At first, the world&#8217;s leading electric carmaker Tesla has revealed that <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-rockets-as-sec-reveals-1-5b-tesla-btc-purchase-miami-may-follow\/\" target=\"_blank\" rel=\"noopener \">it holds $1.5 billion worth of Bitcoin<\/a> as &#8220;alternative reserve assets&#8221; to its dollar-based treasury, showing that its boss Elon Musk finds the greenback too risky to hold.<\/p>\n<p>Again, the bearish bias for the dollar arises from the prospect of ultra-accommodative Federal Reserve policies and the US President Joe Biden&#8217;s i<a href=\"https:\/\/wncen.com\/news\/bitcoin\/stimulus-hopes-send-bitcoin-rallying-ethereum-to-record-highs\/\" target=\"_blank\" rel=\"noopener \">ntention to pass a $1.9 trillion stimulus package<\/a>. A disappointing labor report released Friday further fanned the potential of expansive government aid, pushing real yields and the dollar down in the latest weekly session.<\/p>\n<blockquote><p>&#8220;Although Bitcoin may continue playing the range in the near term, it is possible the \u201cdigital gold narrative\u201d picks up again in Q2 as a new stimulus is passed and the Fed continues to keep interest rates low into 2023,&#8221; <a href=\"https:\/\/messari.io\/article\/first-half-macro-political-outlook-for-bitcoin\" target=\"_blank\" rel=\"noopener nofollow\">wrote<\/a> Ty Young, research analyst at US-based cryptocurrency analytics\/data aggregator firm, Messari.<\/p><\/blockquote>\n<figure id=\"attachment_456318\" aria-describedby=\"caption-attachment-456318\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/qzzIpOTC.png\" target=\"_blank\" rel=\"noopener \"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-456318\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/qzzIpOTC.png?resize=860%2C498\" alt=\"US dollar, DXY, US dollar index, greenback\" width=\"860\" height=\"498\"><\/a><figcaption id=\"caption-attachment-456318\" class=\"wp-caption-text\">US dollar index breaks bearish on its ascending channel, raising prospects of a negative breakout. Source: DXY on TradingView.com<\/figcaption><\/figure>\n<pre>US dollar index breaks bearish on its ascending channel, raising prospects of a negative breakout. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/TVC-DXY\/\" target=\"_blank\" rel=\"noopener nofollow\">DXY on TradingView.com<\/a><\/pre>\n<p>He nonetheless warned about a faster-than-expected economic recovery in the US, led by optimistic vaccination rates, that could weigh down on Bitcoin as the government limits stimulus, turning investors&#8217; focus back on the US dollar and Treasury bonds.<\/p>\n<p><span>&#8220;In the past year, Bitcoin has solidified itself as a macro asset, leading to <\/span><span>new institutional players<\/span><span> getting involved. The effects of this could mean crypto markets trade more similarly to traditional markets,&#8221; Mr. Young further noted, adding that it could allow more hedge funds to offer bitcoin-enabled services.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin rally paused after notching a new record high on Tuesday, suggesting that its supersonic rally in the previous session might pare a portion of its gains. Bitcoin corrects lower after hitting $48,200. Source: BTCUSD on TradingView.com The benchmark cryptocurrency headed for its most robust one-day performance in more than three years as its price surged to $46,750 from $38,871 on Monday. The euphoria sustained into the next day&#8217;s Asian session, with BTC\/USD hitting another historical peak level of $48,200. Nevertheless, sellers took control at the top, causing a minor drop as the market entered the European session. On the other hand, analysts remain convinced that Bitcoin will rise towards $50,000 in the coming sessions. $50,000 incoming for #Bitcoin &mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) February 9, 2021 One Common Bitcoin Bull At the core of their bullish analogy remains the US dollar. At first, the world&#8217;s leading electric carmaker Tesla has revealed that it holds $1.5 billion worth of Bitcoin as &#8220;alternative reserve assets&#8221; to its dollar-based treasury, showing that its boss Elon Musk finds the greenback too risky to hold. Again, the bearish bias for the dollar arises from the prospect of ultra-accommodative Federal Reserve policies and the US President Joe Biden&#8217;s intention to pass a $1.9 trillion stimulus package. A disappointing labor report released Friday further fanned the potential of expansive government aid, pushing real yields and the dollar down in the latest weekly session. &#8220;Although Bitcoin may continue playing the range in the near term, it is possible the \u201cdigital gold narrative\u201d picks up again in Q2 as a new stimulus is passed and the Fed continues to keep interest rates low into 2023,&#8221; wrote Ty Young, research analyst at US-based cryptocurrency analytics\/data aggregator firm, Messari. US dollar index breaks bearish on its ascending channel, raising prospects of a negative breakout. Source: DXY on TradingView.com He nonetheless warned about a faster-than-expected economic recovery in the US, led by optimistic vaccination rates, that could weigh down on Bitcoin as the government limits stimulus, turning investors&#8217; focus back on the US dollar and Treasury bonds. &#8220;In the past year, Bitcoin has solidified itself as a macro asset, leading to new institutional players getting involved. The effects of this could mean crypto markets trade more similarly to traditional markets,&#8221; Mr. Young further noted, adding that it could allow more hedge funds to offer bitcoin-enabled services.<\/p>\n","protected":false},"author":50,"featured_media":456322,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,1558],"class_list":["post-456314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Bitcoin Eyes $50K with Weaker Dollar, Stimulus, and Tesla in Focus<\/title>\n<meta name=\"description\" content=\"Bitcoin rally paused after notching a new record high on Tuesday, suggesting that its supersonic rally in the previous session might pare a portion of its\" 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He is profoundly active in the bitcoin space since 2014 \u2013 and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.","url":"https:\/\/wncen.com\/author\/gola-yashu\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Eyes $50K with Weaker Dollar, Stimulus, and Tesla in Focus","url":"http:\/\/wncen.com\/news\/bitcoin-eyes-50k-with-weaker-dollar-stimulus-and-tesla-in-focus\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-eyes-50k-with-weaker-dollar-stimulus-and-tesla-in-focus\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Depositphotos_376821792_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Depositphotos_376821792_s-2019.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Yashu Gola"}],"creator":["Yashu Gola"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","cryptocurrency"],"dateCreated":"2021-02-09T13:00:18Z","datePublished":"2021-02-09T13:00:18Z","dateModified":"2024-06-11T14:13:13Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Eyes $50K with Weaker Dollar, Stimulus, and Tesla in Focus\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-eyes-50k-with-weaker-dollar-stimulus-and-tesla-in-focus\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-eyes-50k-with-weaker-dollar-stimulus-and-tesla-in-focus\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/Depositphotos_376821792_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/02\\\/Depositphotos_376821792_s-2019.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Yashu Gola\"}],\"creator\":[\"Yashu Gola\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"cryptocurrency\"],\"dateCreated\":\"2021-02-09T13:00:18Z\",\"datePublished\":\"2021-02-09T13:00:18Z\",\"dateModified\":\"2024-06-11T14:13:13Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/02\/Depositphotos_376821792_s-2019.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/456314"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/50"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=456314"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/456314\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/456322"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=456314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=456314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=456314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}