James Atkins
Editor
Editor
Over the previous several days, the cryptocurrency market has seen a continuous strong performance. The crypto market appreciated more than 4% in the last 24 hours, bringing its total market capitalization to over $1 trillion.
Bitcoin, the world’s largest cryptocurrency by market capitalization, has surged by more than 10% in the last 24 hours. and is currently trading at around $23,500.
The recent market rally has been driven by a combination of factors, including increasing institutional interest in Bitcoin. A recovery in global equity markets, and a weaker US dollar.
If the market continues along its current path, it could soon reach a market capitalization of more than $1.1 trillion. Bitcoin’s price is also being buoyed by the ongoing Bitcoin miner exodus from China, which is driving up demand; for the cryptocurrency.
The recent Bitcoin price surge comes as the global equity markets are staging a recovery from their Covid-19 lows. The US stock market, for instance, has gained more than 4% in the last week.
Over the last few days, Bitcoin has been doing extremely well. In the previous seven days, Bitcoin’s value increased by more than 20 percent. BTC is now valued at $23,500, up by over 7% in the last 24 hours.
Bitcoin and other cryptocurrencies may experience significant gains over the next few days and weeks if the bulls can maintain control. To continue its climb, Bitcoin must stay above $23,000.
The market is being helped by several positive factors. Firstly, there is increasing institutional interest in Bitcoin. Secondly, the US Dollar Index is under pressure as the US Federal Reserve continues to print money. This is driving up demand for Bitcoin as a haven asset.
The market is also being boosted by news. That PayPal will soon allow its customers to buy, sell, and hold Bitcoin and other cryptocurrencies on its platform. This could lead to a huge influx of new money into the market.
The BTC/USD 4-hour chart is bright, with Bitcoin showing a good performance in recent days. According to technical indicators, Bitcoin has recovered from its current bear trend.
The MACD line is increasing and is above the 0 points, indicating that the market has good momentum. The RSI is also in the bullish territory, above 50 levels.
If Bitcoin can break above $23,500, it could rally towards $25,000. On the downside, support levels are at $22,000 and $21,000.
The 68-day RSI is at a level that implies Bitcoin could break out if the upward momentum continues. Bitcoin will likely continue to rise as the market recovery gathers steam.
Bitcoin has surged higher and is now trading above the $23,500 level. The market is looking bullish and a move towards $25,000 looks possible in the near term. Bitcoin will continue to rise as the market recovery gathers steam.
As of right now, one bitcoin is worth $23,677. In contrast to its price movements over the last few months, BTC moved on a straight path during May. If the bulls continue to dominate, Bitcoin may break through the first major barrier at $24,756 within the next several hours.
If the market begins an extended upswing, Bitcoin may reach the $26,000 resistance level for the first time in a month.
The bears, on the other hand, can regain control and push Bitcoin back towards the $21,893 support level. In the near term, Bitcoin should comfortably defend its psychological $20k mark.
The market is currently in the green, with Bitcoin leading the pack. Ethereum is up 5% and XRP is up 2%. Bitcoin Cash, Litecoin, Binance Coin, and Chainlink are also posting healthy gains.
Do you think Bitcoin could sustain this current uptrend? Hit the comment section and share your thoughts with us!
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
