This news is undoubtedly one more sign that cryptocurrencies are breaking ground and there could be a strong demand in the coming months.

On a technical level, we note that Bitcoin is trading above the 21 SMA and above the 200 EMA on 4-hour charts, showing strong bullish signal, also the eagle indicator is supporting the bullish signal.

A bounce in the 8/8 zone of murray, located at $ 50,000 would be a good point to buy the Bitcoin with targets at the +1/8 of murray around $ 56,250.

Conversely, a break below $ 48,950 would be a good selling point with targets at the 200 EMA located at $ 45,115.

Support And Resistance Levels For March 03 - 04, 2021

Resistance (1) $51,244

Resistance (2) $52,362

Resistance (3) $54,129

Support (1) $49,336

Support (2) $48,217

Support (3) $46,319