Bitcoin Breaks $50K Price Point amid U.S. Stocks Extending Loss

Bitcoin rallies over $50K resistance point since its last peak in September 7

Bitcoin broke crucial resistance of $50,000 on Tuesday trading at $50,213 up by 5.49% as of writing this report.

World’s largest cryptocurrency in terms of market cap advances as U.S major indexes dipped amid concern of higher yield and U.S. debt ceiling.

As reported by Coindek, according to Jason Deane – analyst at Quantum Economics said, “It’s too early to say whether this will turn into a new support level in the short term, but it is clear that the overriding market view is bullish,”.

One of the key contributing factor that is driving this price is earlier FED chair Jerome Powell said the fed will not take similar action as China on banning cryptocurrencies.

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