• The cryptocurrency market continued to rally on Monday, with BTC reaching a high of just over $20,000 per coin.
• Bitcoin has seen a 24-hour rally of 1.78% to the $21,104 price peg, continuing bitcoin’s impressive streak of gains over the past few days.
• The surge in Bitcoin’s price is coming on the heels of the improved market sentiment from the broader economy.
The cryptocurrency market is on a major bull run as Bitcoin has reached a price of just over $20,000 per coin, the highest it has been since early November 2022, before the second largest crypto exchange FTX announced a liquidity crisis. This milestone comes as the broader economy has seen an improved market sentiment.
The total crypto market is up by 2.15% in the past 24 hours and Bitcoin’s technicals are also doing quite well. BTC has seen a 24-hour rally of 1.78% to the $21,104 price peg, continuing bitcoin’s impressive streak of gains over the past few days. Its price is now above most of its moving average (MA) indicators and a positive moving average convergence divergence (MACD) shows Bitcoin flashing a buy signal. The asset’s relative strength index (RSI) is still steady at 46.27, which is a sign that it is not overbought.
The surge in Bitcoin’s price can be credited to the improved market sentiment from the broader economy. Stocks have been rallying recently, and with the US dollar weakening against other currencies, it has created an opportune environment for Bitcoin and other cryptos to rally. Additionally, institutional investors have been increasing their exposure to cryptocurrencies, which has added fuel to the fire.
Despite this positive news, there is still some uncertainty surrounding the future of Bitcoin and other cryptos. The asset is still working on crossing the short-term indicators, especially the 10-day MA of $21,110. This could mean that Bitcoin is in for a period of consolidation before it is able to continue its uptrend. There is also the risk of a sudden sell off if large investors decide to pull out of the market.
Overall, the crypto market has seen a strong rally in recent weeks and it appears that the crypto winter is finally over. With institutional investors continuing to pour money into cryptocurrencies and the US dollar weakening, Bitcoin may be in store for more gains in the near future. Investors should keep an eye on the asset’s technicals and be cautious in their investments.