Bitcoin’s price fluctuations have been taken as a sign for cryptocurrency’s resurgence from its seemingly ongoing crypto winter, which was further validated with Bitcoin’s recent $13,000 breach and the following surge in its market cap.
Supporting this trend, crypto enthusiasts have openly opined that the world’s largest cryptocurrency will continue its upward momentum till it reaches new all-time highs. Josh Rager, a popular analyst recently tweeted,
“$BTC pattern has been a strong uptrend followed back a sharp pullback & then range 2 to 3 weeks before continuation
Don’t take this chart too seriously, as no one can predict price action, but Bitcoin likely ranges here
Total guess if BTC continues uptrend to new ATH afterward.”
As evidenced by the chart above, Bitcoin’s gradual climb since June 19 met a roadblock on June 26 when a massive bear pull dropped the price to $11147.35. The Chaikin Money Flow indicator also favored Bitcoin as it showed a greater capital inflow into the BTC market. While this development can be attributed to the entry of institutional players into the cryptocurrency industry, the inherent increase in volume movement also poses a direct impact on the market’s volatility.
At press time, Bitcoin held a trading value of $11,208.74 with a total market cap of $199.919 billion. The cryptocurrency sported a 24-hour trading volume of $19.753 billion, which was mainly split between CoinBene and OEX. Unlike other competing altverse, Bitcoin’s trading volume was almost evenly distributed throughout various exchanges rather than being concentrated on individual platforms.
Additionally, Bitcoin’s recent hash rate increase has also enabled the mining community to support and fuel the crypto ecosystem’s inevitable growth. While the cryptospace currently witnesses its peak in terms of adoption, seasoned users hold on to their concerns surrounding BTC’s impending downfall. Analysts from popular platforms like CNBC, however, were of the opinion that holders should see Bitcoin’s surge as positive and go long on their investments.