Bitcoin (BTC) tackled pivotal $52,000 resistance overnight on March 9 to come up within vi% of historical all-fourth dimension highs.

BTC/USD 1-60 minutes candle nautical chart (Bitstamp). Source: Tradingview

BTC price hits 2-week highs

Information from Cointelegraph Markets and Tradingview showed BTC/USD hitting local highs of $54,500 on Tuesday.

The latest endeavor to break out of its sideways trading corridor, the move was nevertheless consolidating at the time of writing. Amongst heavy volatility, a retracement on the twenty-four hours targeted $53,500 — still in a higher place crucial resistance.

As Cointelegraph reported, analysts were eyeing $52,000 as a line in the sand for securing the next stage of the Bitcoin bull run.

While the weekend produced salubrious upside, Bitcoin had still to cement even $l,000 every bit stiff back up as the week'south trading began.

On the back of 24-hour gains topping viii%, however, the picture on Tuesday was fast improving, after evidence showed that $47,000 had get conspicuously stiff support.

"Bitcoin jumps >$54k aided past more signs of institutional interest in the largest cryptocurrency," markets commentator and correspondent to German news daily Die Welt, Holger Zschaepitz, summarized to Twitter followers.

"Institutional interest sets the latest bull run autonomously from 2017's retail-driven surge, Goldman says. Much of the institutional demand has been driven by fears around asset devaluation."

Zschaepitz was referencing findings from Goldman Sachs, which among other things also revealed that 40% of its own clients already have exposure to cryptocurrencies.

Analyst on $70,000 Bitcoin: "Destiny awaits"

The institutional picture became fifty-fifty more bullish on Monday after 1 of Norway's richest people launched a Bitcoin-focused spin-off firm using BTC as its sole treasury asset.

"Fleck­coin can be ver­i­fied, di­vid­ed, re-as­sem­bled, stored, and trans­port­ed at vir­tu­al­ly no cost. Information technology'southward the per­fect scarce digi­tal as­set. By de­sign," Kjell Inge Røkke wrote in a widely-circulated shareholder letter.

"All that's re­quired to keep the net­work run­ning, is al­lo­true cat­ing the cheap­est elec­tric­i­ty in the world. Elec­tric­i­ty se­cures the cyberspace­work. No trust­ed par­ties or peo­ple with guns are need­ed. I telephone call that progress."

Elsewhere, hodlers were watching a bullish setup unfold in Bitcoin'southward daily moving average convergence/ departure (MACD) indicator, which on Monday was primed to repeat behavior which previously resulted in Feb'south march to $58,300 record highs.

BTC/USD ane-day candle chart (Bitstamp) with Fibonacci levels. Source: filbfilb

"Destiny awaits," Cointelegraph Markets analyst filbfilb added in an update to Telegram channel subscribers, highlighting a target expanse of $70,000 and higher using Fibonacci levels.