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Bitcoin is going wild – having crossed the 72K mark creating excitement among the crypto investors.
The leading cryptocurrency reached $72,000 for the first time last week. The leading cryptocurrency has been climbing steadily since the U.S. approved the spot bitcoin exchange-traded funds. On the other hand, Ethereum (ETH) also surpassed $4,000 in Monday’s session.
The rise in Bitcoin price increased the token’s market value to $1.41 Trillion. In 2024 so far, Bitcoin soared more than 69%.
The cryptocurrency prices have been driven by a surge of money into the new spot bitcoin exchange-traded funds (ETF) and expectations that the US Federal Reserve will lower interest rates soon.
Bitcoin price changes have been affected by several factors, such as institutional adoption, macroeconomic trends, regulatory developments, and investor sentiment. Also, the recent statement by Fed Chair Jerome Powell confirmed the interest rate cut later this year with a cautious approach.
Another major factor that boosts BTC prices is the approaching halving. Bitcoin supply, which is capped at 21 Million tokens, will become scarcer in April when the halving event happens.
Every four years, the speed at which new supply is created and distributed, as well as the reward for crypto miners, is reduced by 50%, which usually helps the price.
Bitcoin Price On The Technical Charts
As per the CoinMarketCap data, the current price of BTC is $72,162, an upsurge of 3.24% in one day. The market cap of BTC is $$1,414,767,677,928, with a 24-hour volume of $1,414,767,677,928. The past 24-hour volume/ market cap ratio of Bitcoin is recorded at 3.46%.
On the daily technical chart, the Bitcoin price is moving upward and trading above the 20, 50, 100, and 200-Day EMAs. The RSI curve is in the bullish zone, showing bullishness as the MACD curve also indicates bullishness in the crypto price. Overall, the key indicators are showing the bullishness in the BTC price
Summary
The Bitcoin revolution starts as the price of the world’s most valuable cryptocurrency looks very bullish, according to the latest update and the crypto’s technical analysis. Currently, the price is trading in the bullish zone with support from various indicators. Various analysts back the BTC’s bullishness, suggesting that the BTC price might reach the $80K mark in upcoming sessions.
Technical Levels
Support Level: $70,000
Resistance Level: $75000
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
