Bull Is Back: Bitcoin Testing $51,000 after Gaining 14% in Hours

After a dramatic steep correction, the fiat value of Bitcoin is moving up and crossed the $50,000 mark again in a fresh bull run. The digital currency is trading at $50,864 as of press time and is pushing to breach $51,000, which has become a key resistance level now.

The pivot in the prices came after Bitcoin dropped below $46,000 earlier today, meaning it recovered over 14 percent in merely a few hours.

Bitcoin received a massive boost earlier this month after a $1.5 billion investment in the digital currency by United States’ electric car manufacturer Tesla, which is co-founded and led by billionaire Elon Musk. The prices of the crypto rallied for a couple of weeks to go beyond $58,000, setting a record.

Though the volatility in Bitcoin prices is not unusual, such a rally alarmed many investors, including Musk who tweeted that Bitcoin is overpriced. While Musk’s earlier tweets pushed Bitcoin prices upward, this one did the opposite triggering a slump.

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