Bitcoin (BTC) has faced some pretty rough days after its price fell well below $ 50,000. Nonetheless, it appears that the new bets from MicroStrategy and Square gave Bitcoin the boost it needed to recover.
Fight for Bitcoin to stay above $ 50,000
Just a few days ago we reported on CryptoTrend that CrossTower was confident that institutional investors would use their full strength in order to keep the price of Bitcoin above $ 50,000.
Since February 21, when Bitcoin reached its last all-time high, the crypto seems to have entered a downtrend that took it to hit lows of $ 47,000.
Thus, two types of sentiment have emerged in the crypto community: Some experienced heightened concern as skeptics predicted, once again, the demise of Bitcoin. While others, on the contrary, clung to the hope of a possible recovery.
A feeling of hope
At least for the moment, it seems that those who decided to hold onto hope and their trust in Bitcoin were right.
During the last 24 hours, the leading crypto has increased by 2% and, with it, has positioned itself above USD 50,000. Specifically, it has managed to recover to $ 51,500.
According to Bloomberg, MicroStrategy and Square may have had something to do with the recovery of Bitcoin.
Just yesterday the crypto community learned that Square would have invested $ 170 million, approximately 5% of the company’s cash, in Bitcoin. According to CNBC, the average price was $ 51,235.
In addition, MicroStrategy reported the acquisition of approximately another 20,000 BTC at an average price of $ 52,765.
It is always important to remember the nature of Bitcoin. Remember that it is a highly volatile asset and, therefore, large-scale bullish and bearish movements are normal for the crypto community.
Therefore, many experts have considered that the last Bitcoin correction was even healthy. One of them has been Cathie Wood, director of Ark Investment, who assured that she is “very positive with Bitcoin.” But he is also very happy to “see a healthy correction.”
In this way, at least for the moment, CrossTower’s predictions have been fulfilled and institutional investors recovered the key level of Bitcoin.
However, the question remains: How long will they succeed? What does the future hold for Bitcoin?