Bitcoin On Track To $50K, Why BTC Whales May Blaze The Trail

Bitcoin is back on the green side across the board with important gains on lower timeframes. The benchmark crypto managed to push away from the high area around $30,000, taking off deep into the $40,000 territory. Related Reading | Is The Bitcoin Bottom In? Here’s What SOPR Data Says As of press time, Bitcoin trades at $44,351 with a 6.4% profit in the last 24-hours. During today’s trading session, BTC’s price seems to be positively reacting to several bullish news, including the announcement made by accounting giant KPMG. The Canadian-based company added Bitcoin and Ethereum to its balance sheet boosting the case for crypto adoption. Of all the institutions and high profile investors to go public on owning BTC in recent years, KPMG's announcement today is right at the top in terms of importance and credibility. Hard to overstate this one. — MacroScope (@MacroScope17) February 7, 2022 On-chain analyst Jan Wüstenfeld showed the potential impact from the BTC purchase announcement. As seen below on the daily chart, BTC’s price rose from $4,3700 and almost broke through the major resistance point at $45,000. In addition, the U.S. Securities and Exchange Commission has green-lighted investment firm Valkyrie’s Exchange Traded Fund (ETF) based on publicly traded Bitcoin mining companies. The investment product will start trading tomorrow, February 8th, and will allow for more institutional investors to gain indir...