Bitcoin

Bitcoin Market Cap Returns To $1 Trillion As BTC Value Surges Above 55K

  • The present BTC worth bull run as seen the massive crypto bush shoulders with $55K.
  • Bitcoin’s market capitalization has as soon as once more returned to over $1 trillion.
  • The IOMAP exhibits that BTC sits on robust assist round $53,200.

BTC worth is buying and selling at $54,329 with a bullish bias after rallying roughly 7.25% during the last 24 hours with a every day buying and selling quantity of $47,531,927,866 which has itself elevated by 25% over the identical interval. Bitcoin worth has surged greater than 26% during the last seven days. This rally that started on September 30 has seen the bulls push the massive crypto from a low of $41,444.58 on September 30 to brush shoulders with $55k on Wednesday.

This represents a rally of about 36% that has seen Bitcoin’s market capitalization improve by roughly 26% from $824,619,217,608 on September 30 to the present worth round $1.025 trillion in accordance with information from CoinMarketCap.

BTC Market Cap Chart

Bitcoin Market Cap

Bitcoin’s market cap took a breather at round $988 billion on September 06 earlier than the BTC worth plunged to under $43,000 through the September 07 crypto market flash crash.

That is the primary time on 5 months that the market capitalisation of the flagship cryptocurrency has surged above the $1 trillion mark. The final time the BTC’s market worth was above this mark was in Could 11 at $1.062 trillion. Earlier than then, Bitcoin’s market cap was oscillating above and the under the $1 trillion mark earlier than Could’s bearish leg.

BTC Value Sits On Robust Help Round $53,124

Technical indicators may bolster buyers to purchase Bitcoin as they present that BTC worth sits on robust assist in the mean time.

There are a selection of things that validate this outlook. To start with, Bitcoin is sitting on robust assist supplied by the Easy Transferring Averages (SMA) with the 50-day SMA at $47,218, 100-day SMA at $42,520 and the 200-day SMA at $44,996. These assist areas are strong sufficient to maintain Bitcoin bullish within the long-term.

As well as, BTC/USD worth quick assist across the $53,124 space is robust and every day closure above this stage may see massive crypto rally in direction of he ATH which lower than $10,000 away.

BTC/USD Each day Chart

BTC Price Daily Chart
BTC Value Each day Chart. Supply: Tradingview

This robust assist is accentuated by information from IntoTheBlock’s In/Out of the Cash Round Value (IOMAP) mannequin which exhibits that BTC’s quick assist is powerful. It’s inside the $52,550 and $54,128 worth vary the place roughly $515,780 BTC have been beforehand purchased by roughly 712,990 addresses.

These buyers may need to push the Bitcoin worth greater with a view to take income at greater costs.

Bitcoin IOMAP Chart

Bitcoin IOMAP Chart
Bitcoin IOMAP Chart by IntoTheBlock

The identical IOMAP chart exhibits that BTC worth assist downwards could be very strong and that the trail is with little resistance is upwards in direction of the ATH.

Enthusiasm amongst market contributors, with longer-term BTC worth projections are firmly bullish.

Bitcoin ending above its ATH can be tremendous constructive to maintain pushing in direction of the inevitable,” tweeted David Gokhshtein, Founder and CEO PAC Protocol.

David tweet

Nonetheless, if issues go awry for the Bitcoin bulls, we may see a retracement for BTC worth to $45,000 and even $40,000 ought to the bellwether cryptocurrency retest all-time highs following the present rally.

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