Bitcoin
Is Bitcoin BTC Price Finally Making a Comeback?
New data has shown a sudden and unexpected shift within the crypto market, where the Bitcoin BTC price stopped its free fall and is currently rising once more. The number one currency is experiencing an 8.29% growth at the time of writing, with its current price nearing $4,400.
The new change has confirmed once again just how chaotic Bitcoin can be, and investors are still trying to find a source of this twist. Despite the fact that Bitcoin has had numerous ups and downs in 2018 alone, that it has gone through two serious market crashes, and almost an entire bearish year, it still remains the number one digital currency.
Bitcoin is continuing to dominate the market in terms of value, market cap, rank, age, and several other aspects. In the meantime, investors are asking another important question, which is — how far up can Bitcoin go?
Potential heights of Bitcoin
As stated previously, Bitcoin is the most unstable cryptocurrency around. It started this year with a price of $20,000 and nearing its end, it dropped to $3,700. While many have predicted that BTC will reach its old value of $20,000 or more by the end of the year, this seemed unlikely until today.
Investors and experts alike were now reminded that not a lot is certain when it comes to Bitcoin and that its price can be in free fall, and then shift to an unpredicted surge, all in one day. Considering that the year is nearing its end, and cryptocurrencies’ tendency to rise without any apparent reason in this time of year, it is currently unknown when this surge will stop.
It might be a short-term price correction that follows the selloff and BCH hash war, or it might be a start of a bull run that investors have been hoping for since January. Right now, it is believed that this is the first real price surge since July. Analysts have also stated that constant bouncing shows strong demand for the coin. However, in case it falls once more, the move down will be a very violent one.
However, if the coin manages to hold on to the current trend, there is no way to predict where it may end up. The only thing that is certain in this scenario is that it will step up.
Based on the coin’s history, analysts have set up numerous milestones that its value is expected to hit, whether it goes up or down. The price of $3,700, at which the coin stopped its free fall was one of those milestones. When the price is falling, these prices are expected to soften the fall and try to keep the coin from going any further. When the price is rising, these values are resistances that are to be broken. The latest resistance that BTC managed to break was at $4,150, and the coin exceeded it with ease.
Right now, it is closing the gap between its current price and $4,400, and after that — it is anyone’s guess. However, experts say that considering BTC’s activities in the last two weeks, breaking through these resistances will be a difficult task.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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