The crypto market is seeing a resurgence as the world’s largest digital currency, Bitcoin (BTC), hit major resistance, breaking above $18,000 for the first time since December 14th. The market is currently experiencing a bullish sentiment, with Bitcoin’s trading volume experiencing a significant boost of around 100% in the last 24 hours.
The overall crypto market cap has seen a recent spike of about 3% as Bitcoin (BTC) breaks out of its key trading range. For the past few weeks, BTC had been trading within a narrow band, with the highest value reaching only $17,000 above the lower bound of $16,400.
However, according to data from CoinMarketcap, BTC reached its daily high today at $18,400 and is currently trading at $18,079.43, with a gain of about 5% in the previous day and an 8% rise over the last seven days.
Bitcoin has seen a steady rise in value this month, adding almost 10% to its value. However, it was still down about 73.71% from its all-time high of $68,990 in November 2021. The sudden change in its value may be due to the actions of large holders or “whales” who have individual trading decisions.
The $18,100 resistance is currently just around the corner for BTC. A breakthrough past the $18,150 zone could see it shooting past the $18,500 barrier and even reaching the potential peak of $19,000.
However, prices may face crucial resistance near the $18,000 mark. If the prices break down, we may expect to see a further downward correction. Immediate support may be located at $17,500, and further support could exist at a key area near the $17,000 mark or below the trend line. If breached, we may expect a possible test to reoccur around $16,800.
Bitcoin Price Rally Gives Enthusiasts A Gosbumb
The crypto industry, which has been facing a difficult time, has been given a glimmer of hope due to a prolonged rally in Bitcoin. Bloomberg reported that the leading cryptocurrency had seen gains for a consecutive nine days, the longest streak since 2020, providing a small but welcome boost for enthusiasts.
As per the latest report by Bloomberg, the founder of Tallbacken Capital Advisors, Michael Purves, said:
Risk assets have been rallying, I think, for the reason that the terminal rate is coming slowly but surely into the foreground, and positioning has been bearish and transitioning, which means bullish near-term price action.
Noelle Acheson, author of the widely-followed newsletter “Crypto Is Macro Now,” has predicted that institutional investors may return to the digital asset market once the current uncertainties are resolved.
In a note released this week, she stated that “large players will come back into the market when the outlook is less murky, pushing up transactions and also price.” According to Acheson, the return of institutional investors could lead to a significant increase in both transactions and prices.
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