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The entire crypto market is in a frenzy today regarding Bitcoin. It has been able to raise its global capital gain to 5.8% in the last seven days. Bitcoin‘The price of s has now risen above $24,000 when it opened for trading in Hong Kong.
Bitcoin Price Rises Above $24,000
Bitcoin Today‘The S price has touched around $24,500, as of this writing. This means a staggering increase of around 10.24% since yesterday.‘bitcoin price‘The current market capitalization of s has also seen an increase of around 10.5% and is currently over $450 billion. In the last 24 hours, there is a nearly 41% increase in its trading volume, which is now around $37 billion.
Bitcoin returns after a sharp rise in price
Bitcoin‘The price of the last two weeks had a bearish sentiment. The price had dipped below $22,000, leaving everyone in the crypto market in a panic. Bitcoin has had a sharp rise in price, and has now taken a couple of steps back, but still shot up $24,500. According to bitcoin‘On the weekly time frame, the market looks strongly bullish.
The current price broke out after an upward sloping parallel line. However, it lost some momentum near the close of January 2023, but slowly recovered after that.
Today, the BTC price has breached the $24,400 resistance area. BTC‘s RSI indicates a neutral position, with a score of 57.72.
There is too much excitement surrounding BTC right now. Questions as to whether BTC will breach the mid-August high have been raised again in the crypto industry.
Factors that made the price of BTC rise
BTC has recovered from the past few weeks‘s low yields. It has now regained noticeable price strength and is trying to break through its resistance.
The cryptocurrency market is enormously volatile. Fluctuations in prices are a daily occurrence. Anything that happens in the cryptocurrency market is usually a response to some external actions or contributions. There can be many reasons that contribute to the unpredictable movement of the crypto market. Leave‘Let’s see what caused a bullish movement in the BTC market.
- From BTC‘At the last all-time high, there was resistance. This resistance was maintained for a long time. The current price of BTC broke out of this resistance line and went higher.
- According to Coinglass, BTC short sellers liquidated their holdings. There was a brief liquidation worth over $65 million. This is the catalyst for BTC‘price increase.
- US retail sales rose 3% last month. Reports also show that US inflation falls slightly to 6%. This means that the US economy has started to perform well and gave the Fed more room to raise the price. This could be another reason to feed BTC‘price
despite bitcoin‘Due to its high volatility, it is considered the number one in the world of cryptocurrencies. Leave‘Learn more about that below.
What is Bitcoin?
Bitcoin is the first cryptocurrency to be created. It is a decentralized currency, which allows transactions of digital assets without any kind of government or authority. It uses a cryptographic signature to record the passing of hands of all your transactions on the bitcoin blockchain. Thus, it saves each record of its movement in it and it is easily verifiable.
It was released in 2009 by someone named “Satoshi Nakamoto. It is a pseudonym and to date no one knows if it is a single person or a group of developers that gave the world its first cryptocurrency. The Bitcoin blockchain network is like a payment system that allows the movement and storage of digital wealth between interested parties.
Bitcoin‘price history
At the beginning of 2009, only 50 BTC were in circulation and they cost $0 per coin.
From that humble beginning, Bitcoin has risen to power and is currently classified as a high-yield asset in terms of performance. In the last ten years alone, Bitcoin has surpassed people‘s initial expectations and hopes, and witnessed a remarkable growth in its value.
In the year 2011, Bitcoin‘The value of s increased and coincided with the US dollar. This great achievement within the crypto world convinced investors of its stability and solid future. With new investors flooding the crypto market to buy Bitcoin, its price reaches around $30.
In the years that followed, Bitcoin struggled to keep up with its price of $1,000 per coin. Events like the Mt Gox hack and China‘The ban on cryptocurrencies affected the price of BTC in 2013.
In the next phase of its development, BTC started to move in an upward trend and rose sharply in 2017. During that time, the price of BTC was around $19,789 per coin.
Things were not good for Bitcoin in the year 2018. BTC spent most of the year in a bearish move and continued to fall throughout the year. It closed at just $3689 in the year 2018 down more than 70% from where it had started.
The duration between 2018 and 2020 was a long bearish streak for the crypto market that affected BTC. However, the price of BTC soon skyrocketed by halving its mining capacity to about 6 coins. The price at this time went up to $40,000.
Last words
Bitcoin‘The price of s is extremely volatile. The BTC market had a big turnaround this week. It recovered its value in recent weeks.‘The weak sy returns outperformed a bearish move fairly quickly. BTC is now attempting to break above the resistance level. This may be a golden time for investors to sell the token for a profit. If this results in more liquidation, it could lower the price in the future.
Bitcoin‘The 50-day simple moving average is $19,768. Its current price is 24% above its 50-day SMA. Bitcoin‘The 200-day simple moving average is $21,136. Its current price of 13.6% is above its 200-day SMA. BTC‘The current 14-day RSI score is 70.03%. Which indicates that the asset is overbought.
The next price movement of BTC will determine its future course. Yes BTC‘If the price moves beyond the resistance, it could reach $32,000. However, if the opposite happens, the price may experience a sharp drop and reach below $20,000, which could indicate a bearish move.
Bitcoin has a high value. Due to its high cost, the risk is also high. Therefore, investors should be careful before making any decision and investing their hard-earned money. It is recommended to keep an open mind and have many considerations in mind before investing.
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