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Bitcoin rises 5 percent to $49,106 as investors look to the long term

young handsome man with golden bitcoin and with dollar cash in other hand isolated on black background

Bitcoin rose 5.01 per cent to $49,106.4 at 22:04 GMT on Friday, adding $2,342.1 to its previous close.

The price of bitcoin on Sunday is $49,239.20 or €42,095.58.

There is an analyst consensus that a move higher than $50,000 would clear the way for a major jump higher, possibly past the record at $63,729 reached on April 13 of this year.

“Investors are again HODLing for the long-term, taking liquidity out of the market,” write Coindesk analysts, referring to the practice of making long-term bets on a cryptocurrency. “Data tracked by Glassnode show bitcoin’s illiquid supply, or the balance held by illiquid entities, decoupled from prices in May, signaling renewed holding sentiment. The measure reached a record high 14.447 million over the weekend.

““Amount of bitcoin held by the strongest holders has retraced the whole dump and surged to [all-time high]. This is very bullish,” Lex Moskovski, chief investment officer at Moskovski Capital, tweeted.

If the illiquid supply continues to rise, a supply-side crisis may emerge, and last price year’s surge may be repeated.

All of this leads to forecasts that a move higher than $50,000 is expected.

“In the event of an extended rally, however, bitcoin could target $50,000 levels before any pullback. The third major resistance level sits at $52,077,” writes analyst Bob Mason in Forbes.

Bitcoin, the world’s biggest and best-known cryptocurrency, is up 77.4 per cent from the year’s low of $27,734 on January 4.

Ether , the coin linked to the ethereum blockchain network, rose 3.03% to $3,281.82 on Friday, adding $96.64 to its previous close.

The global cryptocurrency market cap is $2.10 trillion, a 0.21 per cent increase in recent days, while the total crypto market volume is now at $107.43 billion.

The crypto boom has received further support from the news that global retailer Walmart is seeking a cryptocurrency expert to drive strategy for the company. Walmart earns $559 billion in revenue per year, and its investment could signal a major move higher for its crypto targets.

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