- Bitcoin (BTC) rally, adds 23 percent
- Crypto awareness better than it was two years ago
Presently, Bitcoin’s market cap exceeds $200 billion. These are levels last seen 17 months ago, revealing the strength of buyers. From the charts, BTC bulls are solid as buyers aim at $15,000, adding 23 percent week-to-date.
Bitcoin Price Analysis
It’s a milestone for Bitcoin. Trading at over $11,300, buyers are steadfast. However, beneath all this is BTC’s resilience. If anything, this has been a journey of pure grit and determination. After hitting rock bottom at the height of last year’s crypto freeze, the resurgence has been spectacular.
Blistering past resistance zones-now support, at $4,500, $6,000 and recently $10,000, these price spikes are an encouraging sight. For holders, losses of last year have more than halved as prices recover.
However, from candlestick arrangement, buoyed mainly by supportive fundamentals, there is more wriggling space for savvy traders. Not only are regulators thawing, understanding that cryptocurrencies are here to stay, but investor awareness is improving.
In the US, young adults below 35 years now prefer digital Gold over physical Gold. Although both are making a comeback with the latter breaking away from a five-year trade range, BTC has more potential. It is global, a store of value and is also a settlement layer cutting across borders.
Therefore, as Baby Boomers hand over their rightly accrued wealth, fund managers will likely slot part of these billions into BTC, further boosting the digital asset market cap currently standing at over $200 billion.
Expectedly, accompanying this resurgence is improving sentiment. Revealing this optimism is increasing volatility and the rapidity of recent advances. As BTC bull candlesticks band along the upper Bollinger Band (BB), every correction is technically another buying opportunity.
It will remain so as long as prices are trading above the $10,100 mark or June 22 low. At this pace-and coupled with geopolitical events, bulls are firmly in control. In light with increasing participation following the obliteration of the $10,000 resistance level, traders should tune their entries in smaller time frames. After that,targets will be at $12,000 and $15,000 as laid out in previous BTC/USD trade plans.
Anchoring this advance is June 22 bull candlestick. Behind it are high trading volumes at 38k, spelling the entry of buyers. Even though participation is picking up, it would be ideal if any surge above critical resistance is at the back of high trading volumes preferably exceeding 38k.
Chart courtesy of Trading View. Image Courtesy of Shutterstock