BTC Surges 7.68% As the Crypto Market Cap Surpasses $1 Trillion

• The global crypto market cap has surpassed $1 trillion.
• Santiment tweeted that BTC’s price broke above $22,7k.
• BTC’s price currently rests on the support level at $22,496.55.

The global crypto market cap has surpassed the $1 trillion mark over the last 24 hours according to CoinMarketCap. At press time, the crypto market cap stands at $1.04 trillion, which is a 6.40% increase over the last 24 hours. Bitcoin (BTC), the crypto market leader, printed a 24-hour gain of 7.68% and is currently trading at $22,594.28.

Santiment tweeted today that BTC’s price was able to break above $22,700 for the first time since August 18, 2022 in the last 24 hours. The blockchain analytics firm attributed the rise in BTC’s price to the large tier group of addresses holding 1,000 to 10,000 BTC which have collectively accumulated 64,638 BTC in the past 15 days. At current prices, this is worth ($1.46 billion).

The whale accumulation of BTC has pushed BTC’s price above the resistance level at $21,120. BTC’s price has also recently broken above the $22,496.55 resistance level, and remains trading above this level.

There is a bullish flag present on BTC’s daily chart as the 9-day EMA is positioned above the 20-day EMA line. In addition to this, the daily RSI line is bullishly positioned above the daily RSI SMA line. The bullish flag presented by the daily RSI indicator is weakened, however, by the fact that the daily RSI line is sloped negatively towards the oversold territory.

Investors and traders may need to brace for a retracement in BTC’s price in the next 24 hours. Should the resistance level at $22,496.55, which was recently flipped into support, fail to hold then BTC’s price will drop to $21,745.76.

Disclaimer: The views and opinions, as well as all the information shared in this price prediction, are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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