Bitcoin price has respected a rising trend on a higher time frame thus stamping more upside in the coming weeks.
Bitcoin price closed the past week on a high note after gaining approximately 14 percent during the week, a similar trend can be observed in a wider crypto market as well. Following the price rally, approximately $171.71 million have been liquidated in the past 24 hours. The asset has made a new high in the past 45 days after the weekend’s breakout. Hereby raising hope that the asset could rally in the coming weeks.
The entire crypto market is also on the rise following the past two weeks’ rally. According to market data provided by CoinGecko, the entire crypto market cap is around $2.21 trillion, up 5.4 percent in the past 24 hours.
BTC’s market cap stands around $894,970,888,948 while the 24 hours traded volume is around $28.6 billion. The total units circulating are fast approaching 19 million.
Bitcoin Price Action and Market Fundamental Factors
As the most popular and valuable digital asset, Bitcoin price action affects the entire crypto market. After the asset broke out of consolidation during the weekend, other crypto-assets followed a similar price action.
For instance, Ethereum (ETH) has gained approximately 6 percent during the past 24 hours. According to our data, the asset was traded for around $3,334 at the time of publication. Other notable spikes include SOL which was up approximately 9 percent in the past 24 hours.
Buyers and sellers are struggling to make out the exact price movement in the future. Nevertheless, Bitcoin price has respected a rising trend over a higher time frame thus stamping more upside in the coming weeks. Nevertheless, the asset could encounter strong resistance around $58k, following possibilities of head and shoulder formation.
In such a scenario, the Bitcoin price could retract after hitting $58k and continue with a yearly consolidation. Nonetheless, the idea could be invalidated should the asset set a new all-time high.
Meanwhile, institutional investors and retail traders continue with the crypto accumulation.
“One notable buy flow this week was the 125 million USDT purchase of BTC by Luna Foundation Guard (LFG). This purchase is part of the plan to systematically accumulate a total of 3 billion USD worth of BTC as a reserve for TerraUSD (UST),” QCP capital wrote.
Buyers are leaning on Ethereum’s major event dubbed The Merge which could see the entire crypto market rally. Notably, the Merge is expected to reduce Eth transaction fees and increase its scalability. Otherwise, developers will not worry about the network’s throughput.
“Trading volumes are up as buyers try to turn this resistance line into support and take further steps up in pricing,” Joe DiPasquale, the CEO of fund manager BitBull Capital, wrote to CoinDesk, but added: “If we don’t remain above this line, we will consolidate lower than here.”
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