Bitcoin (BTC) price is approaching record highs. Here are levels to watch
Bitcoin (BTC) price has added a further 2.5% today to exceed the $56,000 mark as buyers continue to lay a ground for fresh record highs.
Fundamental analysis: Norweigan oil billionaire to start a new company to invest in Bitcoin
Norwegian billionaire businessman Kjell Inge Rokke has joined Bitcoin supporters and said the top cryptocurrency will become the best hedge against disruption surrounding the finance industry and central banking.
Rokke’s holding company Aker ASA is starting a fresh business named “Seetee AS” to tap into Bitcoin.
“Bitcoin may still go to zero. But it can also become the core of a new monetary architecture,” said Rokke in a shareholder letter. He says it’s not inconceivable that one Bitcoin could one day “be worth millions of dollars.”
“People who know the most about Bitcoin believe its future success is nearly inevitable,” he added.
Bitcoin has continued its outstanding rally in 2021 and hit as much as $57,000 last month, up from $8,000 it reached only a year ago. A number of major companies and investors have backed the cryptocurrency lately including Elon Musk’s Tesla, Mastercard, Square and more.
According to the statement, Seetee is expected to start small with only 500 million kroner ($58 million) in capital. Still, the company said it wants to keep all its liquid investable assets in the cryptocurrency.
The new business will focus on backing Bitcoin, collaborating with leading players in the Bitcoin and crypto community, as well as launching Bitcoin verification businesses and supporting innovation projects and companies.
Technical analysis: What’s the next target?
Given that the BTC price has exceeded the $1 trillion market capitalization once again, traders are looking for new technical levels that may attract the price action in the coming days. First, investors looking to buy Bitcoin may have to wait for the price action to correct to $52,500, a line which offers nearby support.
On the upside, there are 3 three key targets for buyers. First, it is the round mark of $60,000, followed by 127.2% and 161.8% Fibonacci extension lines of $62,650 and $68,000, respectively.
Norway’s second-richest man Kjell Inge Rokke said his holding company Aker ASA is starting a new business “Seetee AS” to invest in Bitcoin and crypto. Higher crypto adoption is continuing to drive BTC price higher, in the meantime.
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