After multiple attempts to crack the $50,000 threshold, Bitcoin finally seems to have pushed through and is currently trading above $52,000 – the new ‘resistance zone’ according to investors.
This is the highest price that Bitcoin has seen in the last three months. The coin’s all time high remains $65,000, which was achieved in May.
For the newbies, ‘resistance zone’ means the price point where Bitcoin is having trouble breaking through and increasing its price further.
Bitcoin’s new price point also comes just one day ahead of El Salvador’s new Bitcoin Law coming into play. Starting tomorrow, Bitcoin will be considered legal tender in the country.
What do you think? Will Bitcoin be able to hit $53,000 before the end of the day or will it stumble its away back to $50,000?