Bitcoin has surpassed $48,000, achieving its highest valuation since December of last year. Bitcoin has risen 17 percent in the last week, although it is still approximately 30% off the record high of 69,000 US dollars set last November. Ether, the second-largest cryptocurrency, has risen to $3,388. On the back of these strong movements, the entire crypto market has made significant gains.
BTC Price Action
On Tuesday, the price of bitcoin rose modestly. The price moves in a very tight range after tagging the session’s higher level. The price of bitcoin continues to rise, although with little price movement. A daily close of $48,000 or higher would open the door to $55,000.The momentum oscillators have turned neutral, signaling that aggressive bids are coming.
On the daily chart, the Bitcoin price continues to rise, but it is finding it difficult to break beyond $48,000 on a daily closing basis. The bulls will be thrilled even more if the price closes decisively above $48,000.
On the other hand, if the price falls below the session’s low, the bullish argument will be invalidated, at least in the short term. The 200-EMA (Exponential Moving Average) at $44,723 provides interim support.
“Bitcoin (BTC) Is In The Middle Of A Bull Run”
BinhDang, a Crypto Quant (CQ) confirmed analyst, feels Bitcoin is in the “midst of a bull run.” This is based on the cryptocurrency analytics platform’s Bitcoin velocity statistic.
The Bitcoin velocity metric, according to BinhDang, is currently in a perfect state. According to the expert, prior bull runs have seen Bitcoin reach new all-time highs after velocity peaks. When velocity falls below 50, on the other hand, it usually signals the end of a bear market.
The measure is currently stable at around 62.12, after skyrocketing since nosediving in 2021. The current level shows no signs of a price high and is comparable to the start of 2017.
“I see that the Velocity of BTC has increased sharply after being interrupted by the black swan, but there is no sign of the peak of this cycle; the current threshold is only equal to the beginning of 2017”
This shows that the expert believes the market has capacity to rise much higher. Increased circulation indicates increased acceptance and market activity, which is one of the criteria expected to propel Bitcoin’s price to new highs, according to market analysts.
Meanwhile, CQ’s investigation found that the futures market shorts liquidations over the weekend, which spurred a price increase, were positive for the market because investors were still skeptical.
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Source: https://coinpedia.org/bitcoin/bitcoin-in-middle-of-bull-run-btc-price-primed-to-hit-55k-soon/