The Price of Bitcoin Rose by More Than 5%, and BTC Traded at About $47K

Bitcoin prices respect the upward trend in a higher time frame, thus punching out more room for rise in the coming weeks.

The price of bitcoin has risen by about 14% in the past week, and a similar trend can be seen in the broader cryptocurrency market. After the price rebound, about $171.71 million has been liquidated in the past 24 hours. After the breakthrough over the weekend, the asset has reached a new high in the past 45 days. This raises the hope that the asset will rebound in the coming weeks.
After the rebound in the past two weeks, the whole cryptocurrency market is also rising. According to the market data provided by coingecko, the market value of the whole cryptocurrency is about $2.21 trillion, up 5.4% in the past 24 hours.The market value of BTC is about US $894970888948, while the 24-hour trading volume is about US $28.6 billion. The total units in circulation are rapidly approaching 19 million.

Bitcoin Price Trend and Market Fundamentals

As the most popular and valuable digital asset, bitcoin’s price action affects the whole cryptocurrency market. After the asset broke through the consolidation at the weekend, other encrypted assets also followed similar price actions.

For example, Ethereum (ETH) has increased by about 6% in the past 24 hours. According to our data, the transaction price of the asset at the time of publication was about $3334. Other notable spikes include sol, which has risen about 9% in the past 24 hours.

Buyers and sellers are trying to figure out the exact price trend in the future. Nevertheless, bitcoin prices respect the upward trend in a higher time frame, thus punching out more room for rise in the coming weeks. However, after the possibility of head and shoulder top formation, the asset may encounter strong resistance around $58000.

In this case, the price of bitcoin may retreat after hitting $58000 and continue the annual consolidation. Nevertheless, if the asset reaches an all-time high, this idea may fail.
At the same time, institutional investors and retail traders continue to accumulate cryptocurrencies.

“A notable buying stream this week was the 125 million USDT that Luna foundation guard (LFG) purchased from BTC.” QCP capital wrote: “this purchase is part of a plan to systematically accumulate BTC with a total value of $3 billion as terrausd (UST) reserves.

Buyers are inclined to Ethereum’s major event, the merger, which may see a rebound in the entire cryptocurrency market. It is worth noting that the merger is expected to reduce Ethereum’s transaction costs and improve its scalability. Otherwise, developers will not worry about the throughput of the network.