fxstreet.com 08 Feb, 2021 15:00 am

Bitcoin pacing toward $50,000 as $1.9 trillion US relief package risks reflation

The cryptocurrency market seems ready to fly to new levels, especially with the market value having climbed above $1.2 trillion. Bitcoin is closing in

BTC/USD 4-hour chart Ethereum futures contracts on Chicago Mercantile Exchange have started trading, bringing the focus back to the pioneer altcoin.ETH/USD 4-hour chart Ripple's price has been stable from the time it established support at $0.45 and currently the 50 Simple Moving Average on the 4-hour chart.The 50 Simple Moving Average has emphasized the sideways trading action on the 4-hour chart.

XRP/USD 4-hour chart Bitcoin's uptrend to $50,000 will be invalidated if the price fails to close the day above $40,000.Bitcoin is closing in on $40,000 while speculators wait for the ultimate rally to $50,000.

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