In the latest situation analysis, Bitcoin entered an upward trend in 24 hours and reached the level of 19 thousand dollars. This volatility in BTC after a long time has made me wonder if the end of the bear market is near. Investors Why are Bitcoin soaring? While searching for the answer to the question, the market activity continues in the last case.
Last Minute Rise in BTC!
Bitcoin has experienced an increase of up to 5% in the last 24 hours. BTC, which went up to the level of 19 thousand dollars, allowed the crypto market, which has been in the bear period for a long time, to breathe. After the activity experienced, it was a matter of curiosity whether the markets blinked on the bull season.
The rise in Bitcoin came after US inflation data and news that FTX’s new administration could reclaim nearly $5 billion in liquid assets and pay off some of their client money. With the rise of Bitcoin, crypto-related stocks have also increased by up to 60 percent.
How Many Dollars Was Bitcoin (BTC)?
After the activity in the crypto market, especially by investors. How many dollars in bitcoin? The answer to the question has become one of the most frequently researched topics in search engines. Bitcoin’s rally to a high in about a month and a half has also sparked crypto-related stocks. Shares of Coinbase increased by about 8.6 percent, shares of mining company Bitfarms increased by 44 percent, and shares of another mining company, Riot Platforms, increased by more than 10 percent.
In addition, the Nasdaq index, which is typically traded with Bitcoin, also managed to close the day in green, although it experienced some volatility with the inflation data released.
Will Bitcoin Rise Continue?
Bitcoin is currently trading comfortably above the $18,000 level after breaking above important technical levels on the latest status charts. At current prices, the digital asset has climbed above its 50-day moving average of around $17,212, putting it in a dangerous position. Such levels could mean that the price of the cryptocurrency could move in both directions. Therefore, although the US inflation data and FTX developments are effective in this rise, the BTC accumulation of whales is also the trigger of the upward trend.
Therefore, more demand is needed for BTC to continue its uptrend and successfully price above the 50-day moving average.
BTC Expert Commentary
Looking at expert opinions, popular analyst Michael Van de Poppe recently emphasized that Bitcoin price must stay above $ 17,350 in order to extend the rally. However, il Capo of Crypto, who has a serious following on Twitter, stated that there is no permanent uptrend yet, that Bitcoin and most of the market test the broken supports as resistance and have seen this scenario many times.
Experts have emphasized for a while that the Bitcoin price should close above the $ 17,200-17,300 level for a few days. As a result, the closures to be experienced above these levels may continue the rise, and the closures to be experienced below these levels may also cause a pullback in the price.