Bitcoin has reached the psychologically crucial level of $50,000, boosted by the strength in the United States stock markets and solid inflows into the spot Bitcoin exchange-traded funds (ETFs). Popular trader Daan Crypto Trades pointed out in a X post that net inflows into the Bitcoin ETFs have been positive for 11 consecutive days.

Data shows that the last time Bitcoin hit the $50,000 mark was in December 2021, a time when unbeknownst to the majority of investors — crypto was just about to crumble into an enduring bear market marked by 11 consecutive interest rate hikes in the United States, the collapse several high-profile crypto institutions and an exodus of retail investors from crypto that saw Bitcoin crashing,

Bitcoin broke above the Jan.11 high of $48,970, indicating the start of the next leg of the uptrend on Feb.12 A close above $48,970 will confirm the breakout and set the stage for a possible rally to $52,000. The $50,000 level may act as a minor resistance, but it is likely to be crossed.

A strong momentum could clear the path for a potential rise to $60,000. Contrary to this assumption, if the BTC/USDT pair turns down and breaks back below $48,970, it will suggest that the bears are selling near $50,000. That will increase the risk of a fall to $44,700.

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