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Bitcoin Market Cap Exceeds $1 Trillion As It Records New High

The digital asset’s recent moves have gotten an applaud from the industry. Some other people outside the sector have spoken about the asset’s phenomenal performance, which might encourage more purchases. The whole bullish run emerged when Tesla made the impressive investment worth about $1.5 billion, being one of the asset’s most giant whales.

The purchase has gotten some positive response from other mainstream firms, who expressed willingness to make a Bitcoin investment in the nearest future. The crypto has also pulled a crowd, as it continues to be one of the world’s valuable assets, especially with it hitting $57,000 recently. About a month ago, the whole industry celebrated a total $1 trillion cap. But now, Bitcoin is celebrating reaching a market cap of over $1 trillion necessitated by the price increase.

Bitcoin surpasses $1 Trillion Market Cap

The digital asset is currently moving at levels above the $57,000 price mark before slightly correcting to $56,000 some moments later. The king coin hit the high for the first time, which is exciting for people in the digital asset space.

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The asset has its resistance point around $63,000, $65,000 and $67,000. On the other hand, the support level holds around $51,000, $49,000, and $47,000. The asset attained an all-time high of $57,105. The crypto shows some significant bullish signals, which means that it would see a price increase with the asset moving above its 9-day and 21-day MA. The asset is now valued above the $1 Trillion mark.

The asset saw a 2% gain, which gave holders some new gains as all assets in the space saw notable gains. Expert assures that the industry is going through a long-term price growth as many coins are above moving averages.

Some charts show that Bitcoin’s bullishness is for an extended period and might continue throughout the year, meaning that the space would see significantly high price growth. Still, analysis shows that BTC has to break some vital resistance level to start another anticipated run.

Market bulls to take $60,000 mark

Fortunately, the bulls were able to assist the crypto in breaking through the $50,000 resistance to grow and hit even more significant boundaries. The RSI(14) is currently moving within the overbought region, meaning that the asset needs more support to overcome the $60,000 mark and eventually reach more points. The asset’s next resistance would start from around $63,000 and then move above the levels.

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The charts show that if the asset manages to fall below the moving average, it would have no choice but to fall around the $51,000 before declining further. The 4-hour chart shows that the crypto hit the $55,000 point, which means the market is determined to move the price further up the charts to assure investors of future price growth.

The market bulls want to take the $60,000 mark to drive the crypto up to another set of strong resistance. Bullish support is necessary to take the price to $58,000 and eventually $60,000. If the price rejects, then the support around $54,000 has to hold up the crypto, showing a significant market cap loss.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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