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Bitcoin flies to $45,000 and breaks new record
Bitcoin flies to $45,000 and breaks new record
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Bitcoin flies to $45,000 and breaks new record

By Federico Izzi - 8 Feb 2021

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After a positive but uninspiring start this morning, the Tesla official news have sent the price of Bitcoin soaring and within minutes it has set a new record and is now within a hair’s breadth of $45,000, up more than 15%.

The rest of the altcoins also benefited from the movement of the king of cryptocurrencies, with Ethereum returning to near last Friday’s record high of $1,700.

Among the most explosive rises of the day even if lower than that of Bitcoin, which remains the best among the blue chips along with Dogecoin that flies over 30%, the rise of Polkadot is also good, rising in the last hour above $22.7, an absolute record for the main blockchain rival of Ethereum, along with Cardano.  

BTC 02 20210208
Bitcoin chart by Tradingview

Bitcoin, new record for price and capitalization

Bitcoin, exactly one month after January 8th, following the previous record high, Bitcoin prices are once again returning to uncharted territory. Technically, prices are one step away from the next target identified in the $46,600 area, a level that corresponds with the Fibonacci extension that takes as reference the annual cycle between the February 2019 and March 2020 lows. 

Today’s strong rise in a short-term phase distances the risks of possible declines in a current context. The restart of the new monthly cycle that began with the double minimum at the end of January becomes definitive. As highlighted a few hours ago in this morning’s update, the break of the previous highs also confirms the long-term trend to the upside. 

Bitcoin’s dominance gains 3 percentage points and is back above 63%, with the capitalization breaking the $800 billion wall for the first time

Bitcoin’s daily volumes, just past mid-day, record trades worth over $10.5 billion. It is currently the highest volume day since the beginning of February. 

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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