Finally, Bitcoin is trading above $11,000 after trading between $10,000 and $11,000 over the past several weeks. Besides Bitcoin, other altcoins are also showing bullish sentiments for the last 48-hours.
New Bullish Cycle
According to cryptocurrency experts and analysts, the next target of the top digital asset is $12,000. However, $12k can pose a great threat and can push the price value downward. Crypto analyst PlanB argues that Bitcoin enters a new bullish cycle after surpassing $11k.
From the last 30-days, the top digital asset was hovering below $11,000, thus making a symmetrical triangle. After a fresh rally, Bitcoin has successfully broken the symmetrical triangle.
Crypto analyst Micheal van de Poppe recently proposed that Bitcoin could reach $12,000 if it broke the $11,300 level. Currently, it is trading above $11,300, which shows a bullish rally has started. The technical indicators are also showing bullish sentiments in the cryptocurrency markets. For example, the relative strength index has jumped to 65 on a daily timeframe. Similarly, the MACD histogram is also correlated with current given data.
The daily trading volume means a lot for Bitcoin, which has now increased over the last 24-hours. Low daily trading volume is the major reason Bitcoin traded below $11k over the last 30-days.
The rise of cryptocurrency markets is also correlated with major progress in the traditional markets. The US stock market has witnessed a clear bullish trend, which has also affected crypto markets.
Recently, the financial services firm known as Square purchased Bitcoin worth $50 million. This shows the entry of social platform Twitter as Square is led by Twitter’s CEO Jack Dorsey. The entry of the big institutions in the cryptocurrency sector is one of the major factors, which have played an important role in crypto adoption on a large scale.
Altcoins are also behaving well since 24-48 hours following Bitcoin. For instance, Ethereum is exchanging hands at $376 after increasing by 7.22%, while XRP is trading at $0.25 after surging by 2.47% over the last 24-hours.
After a fresh injection of $18 billion in the last 24-hours, the total market cap of cryptocurrency has reached above $360 billion.