Bitcoin traders would have all to cheer for after the digital asset showed what looked like a bullish impulse earlier in the day. The digital asset has been disappointing traders in the last few days after it failed to break above several resistance, resulting in a bearish run.
Bitcoin is not one digital asset that runs from a fight, and it has paid off this time as the digital asset has been able to make a bullish run to break above the $36,000 that it was trading at. Even though the digital asset is trading at the $37,000 price mark, it has spent most of the days above this figure.
Bitcoin bull run is not yet over
With the recent move that Bitcoin just made, the digital asset has finally gained ground, considering it was trading around $33,000 during the weekend. Analysts, experts, and traders in the crypto market were impressed as Bitcoin sustained a massive bullish run that it brought in from last year to break above $40,000, setting a new all time high price record in the process. While there were still applause and encomiums, the digital asset could not sustain the price and saw about $10,000 of its value shed after the bears took over.
Also read:With the decline in price that came after the surge, experts started to consider certain phenomenon in the crypto space as most of them noted that it was the highest price decline that Bitcoin has ever experienced. Antagonists of the coin were not left out as they mocked holders of the leading digital assets noting that the bubble they had not believed since inception had finally burst. While Bitcoin was expected to go further down, it has not happened yet, which signifies that the bulls are still very much around the corner waiting to take charge of the coin.
Institutional investors are still backing Bitcoin
Institutional investors who show a bullish stance towards the digital asset have been coming forward to make it known that they are still very much backing the coin. While most analysts hope that the surge continues into the $50,000 price mark, others are making a case for $100,000. Another reaction that shows that investors are still upbeat about the chances of Bitcoin is Grayscale’s recent announcement where it noted that several of its investors had pooled their funds into its Bitcoin trust.
According to Grayscale, the entire funds sent into the trust was about $700 million, a figure that signifies the highest ever Bitcoin investment in a single day. With Bitcoin making such huge progress, one would think the entire crypto market would react, but it has not been so as Ethereum has only registered a small growth of 0.9% in the last 24 hours while Litecoin has seen a 7% price surge, coming behind Bitcoins present-day profit.
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