Bitcoin’s rally continued on Tuesday as investors bet that the world’s most popular cryptocurrency will hit a record high earlier this year. It reached a record high of $65,000 in April 2021. Bitcoin price touched $57,000 on October 11 for the first time in five months since May. According to coinmarketcap.com, the cryptocurrency jumped 2.32 percent over the past 24 hours, climbing to $56,796 in 0818 hours. Several factors were involved behind this sudden jump in the price of bitcoin. One of the main catalysts could be the approval of the US Securities and Exchange Commission for cryptocurrency exchange-traded funds (ETFs). The rising popularity and adoption of cryptocurrencies around the world could also propel Bitcoin’s rally since last week.
“Bitcoin has seen a significant rally. Volume has shown good traction, and momentum is strong. By doing so, bitcoin almost completely removed any trace of the impact of China’s mining ban on prices in May and has again become a trillion-dollar asset class,” the ZebPay Trade Desk said.
In the past week, the world’s largest cryptocurrency by market capitalization has gained more than 15 percent in price. Bitcoin hits $1 trillion market capitalization feat again. Bitcoin dominance now stands at 46 percent, and “this rally has fueled enthusiasm and confidence among market participants, with long-term BTC price projections largely bullish in nature,” expect analysts.
“The asset gave a breakout above the downtrend line and formed a ‘High Top Higher Bottom Formation’ and climbed above the long-term resistance of $53,000 (the previous high from where the asset saw a sharp correction). Currently, Bitcoin is trading higher. is consolidating at $60,000 and trading in the $56,000 to $54,000 range. If the bulls manage to maintain the $53,000 support, we can expect the asset to rise to $60,000 and if the bears manage to hold $60,000 If we push the price below 53,000, we can expect a slight correction to $46,500,” ZebPay Trade Desk further added. .
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