Bitcoin (BTC) Breaks $40,000 Resistance, Exchange High Exits, $50,000 Next In Sight

Earlier today, Bitcoin (BTC) finally passed the critical resistance of $40,000 and is currently trading up 2.39% at a price of $40,350 with a market cap of over $750 billion. According to the on-chain data provider, the Bitcoin price hit an all-time high in 3 weeks, and has recently surged above $40,000 in a massive outflow from exchanges. The balance of Bitcoin exchange flow, which turned negative on Monday, was definitely a bullish indicator for the world's largest cryptocurrency. #Bitcoin hit $40.8ka in 3 weeks a few hours ago and the healthy cash flow from exchanges today seems to be helping the upside pressure. When the current balance turns negative as on Monday, it's a #bullish sign. — Santiment (@santimentfeed) June 15, 2021 Bitcoin has shown bullish momentum in recent days, leaving investors and analysts hopeful on its northward journey. In addition, El Salvador, which made Bitcoin legal tender, created a lot of excitement as more Latin American countries showed interest in joining the majority. According to market analysts, if Bloomberg manages to push the 200-DMA above $40,500, it will prepare itself for its next move to $50,000. At the same time, Bitcoin (BTC) continues to receive praise and support from global billionaires. On Monday, June 14, US billionaire and hedge fund manager Paul Tudor Jones was praised for Bitcoin, saying it serves as a great portfolio diversification. It also announced a 5% portfolio allocation to Bitcoin. MicroStrategy Sold $1 Billion Of Stocks To Buy Bitcoin On Monday, June 14, business intelligence firm MicroStrategy made two big announcements. The first is that it has successfully completed the conversion of $500 million in corporate bonds by 2028 and is considering investing that amount in Bitcoin. As of now, MicroStrategy has more than 92,000 Bitcoins in its treasury with a total investment of over $2.2.

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