As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market volatility and price swings. The recent surge in Bitcoin’s price from $56,000 to over $63,000 has been nothing short of exhilarating.
Bitcoin, the leading cryptocurrency with the largest market value, experienced a significant surge, hitting a new high of $63,000. This upward trend follows robust buying pressure over the weekend, marking Bitcoin’s fourth consecutive day of price increases since bouncing back from its recent low of $56,538 on Friday.
In mid-March, Bitcoin hit an all-time peak of approximately $74,000, primarily driven by the introduction of U.S.-listed exchange-traded funds (ETFs). However, after this achievement, Bitcoin experienced a decline due to decreasing investment flows and apprehensions surrounding potential token sales from seized assets and the bankruptcy of Mt. Gox exchange.
As a crypto investor, I’ve witnessed Bitcoin plummeting down to $53,499 by July 5 – a price point not seen since February. This sudden dip was the result of an extended selling period. However, after several days of stability, Bitcoin began to regain momentum and started climbing back up.
In simpler terms, Bitcoin‘s price rise lately can be attributed to a significant breakthrough. The digital currency has managed to go above the important threshold of its 200-day Simple Moving Average (SMA).
A technical breach beyond this point intensified optimism among buyers, pushing Bitcoin’s price higher. As per cryptocurrency analyst Ali Martinez’s assessment, surpassing this threshold was crucial to maintain a robust uptrend for Bitcoin.
Previously on Twitter, Ali expressed his belief that surpassing the $59,200 barrier, which aligns with the Daily Simple Moving Average 200, would fuel a rise in Bitcoin’s price up to $63,800.
As I pen this down, Bitcoin (BTC) has experienced a surge of 4.12% within the past 24 hours and is currently trading at an impressive price point of $62,745. Notably, BTC reached its peak value during this period, touching an intraday high of $63,293.
Crypto market rallies
As a researcher studying the cryptocurrency market, I’ve observed an intriguing development: Bitcoin’s recent surge in value is not an isolated event. Instead, it’s part of a broader trend where other significant cryptocurrencies have also experienced substantial price increases. This collective rise in value has fueled a bullish sentiment within the market.
After a robust weekend, Bitcoin regained the $62,000 mark as its support. Although resistance remains formidable in higher territories, a significant surge in buying power could counteract selling pressure and potentially disrupt the ongoing downward trend.
— IntoTheBlock (@intotheblock) July 15, 2024
Based on information from CoinGlass, approximately $125 million in cryptocurrency positions have been liquidated over the past 24 hours. Out of this total, around $101.43 million were bearish wagers placed by traders anticipating a drop in crypto prices.
Approximately half of the total amount was represented by Bitcoin, as losses from BTC short positions reached $49.45 million due to liquidations.
Based on data from cryptanalysis firm IntoTheBlock, Bitcoin has regained the $62,000 mark as a floor, yet significant opposition persists at higher levels. Nevertheless, a robust surge in buying power could thwart selling forces.
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2024-07-15 13:34