Bitcoin appears to gain momentum as the alt market register price consolidation following a massive crypto rally. The world’s dominant cryptocurrency gained almost 4% over the past 24 hours to test the levels past $51,500.
What can entice enthusiasts is that BTC managed to register a daily close over the$50,750 mark. That is according to Lark Davis, a crypto analyst. The price chart shows BTC closing around $51,770 after battling under the level for almost four months.
As the alternative tokens ranged over the past week, BTC extended its price moves with steady gains. Bitcoin managed to surge almost 8% last week as it recorded increased exchange flows.
Santiment reports that BTC’s exchange flow has calmed after a massive $BTC exchange flows between early September and late August. That accounted for the highest week exchange flow since 200 November when BTC bottomed towards $2.
BTC Bulls Targeting $55,000
For now, BTC bulls target to overpower the $52,000 levels before a $55,000 attempt. The world’s favorite coin managed to break over a massive resistance recently. Willy Woo, an analyst, reveals that Bitcoin has chances to hit over $55,000 in the short term. That is according to the supply shock model.
Also read:The past sessions have witnessed heightened BTC on-chain activity. Also, address activity appears to increase rapidly. Meanwhile, Mike McGlone, a Bloomberg analyst, suggests that BTC’s path towards $100,000 has the least resistance.
Several market players believe that BTC will hit $100,000 before this year ends. The leading crypto managed to surge 66% after dipping below $30K in July. For now, analysts are optimistic that BTC will overcome its ATH mark beyond $64,000 soon.
On the other crypto news, Binance, a renowned crypto exchange, announced that it would cease its Singapore Dollar trading offerings as it complies with the local regulations. As of Friday, 10 September, the trading site will suspend Singaporeans from SGD payment transactions. Moreover, Binance will remove its crypto App from Google Play and iOS in Singapore.
Binance has had multiple regulatory issues over the last months. The exchange received attacks from authorities in nations like South Africa, Germany, and the UK.
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