Bitcoin Eyes $50,000 Less Than a Month After Bitcoin's Price Broke Its 2017 All-Time High

Photo: Coin Telegraph

(Coin Telegraph) - Bitcoin’s price broke through the crucial level at $35,000 and continued its run above $40,000 on Feb 6, just days after MicroStrategy's pitched Bitcoin to over 1,400 companies.

This breakout above $35,000 earlier this week was significant as it opened the door to a new all-time high test.

The final hurdle at $40,000 has prevented Bitcoin from a new all-time high, while many all-time highs were established by altcoins during the past week.

Bitcoin should break final resistance before new all-time highs

XBT/USD four-hour chart. Source: Trading View

The four-hour chart of Bitcoin shows a beautiful breakout above $35,000, which resulted in a healthy continuation toward $40,000.

During this run, the $38,000 level gave a small rejection but wasn’t classified as a massive resistance zone.

The $38,000 level received its test during the Elon Musk pump, as Bitcoin’s price retraced significantly on the same day.

Therefore, if Bitcoin would break through $35,000 again, it wasn't surprising to see a continuation to $40,000 rather than another rejection at $38,000.

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