Bitcoin (BTC) is on the top of its game, achieving new highs in its ever-lasting rally. While most investors expectation is either waiting for a price drop to jump in the market or have already moved into the market, fueling up Bitcoin into a new price action.

In the recent time frame, BTC moved sideways and eventually spiking up beyond $29,000, facing a retracement below $28,000. At the moment, it is seen to increase to 0.4%.

If Bitcoin continues to go up, the predictions show that it could reach the $30,000 region and beyond, however it is expected that the bullish momentum could gradually reduce in the new price mark. Analyzing its price chart, two major highs are noticeable, one near $30,000, and the other above the $40,000 region.

In fact, BTC could tap into the $30,000 major high soon and this may cause a slowdown its rally to either allow new investors to accumulate the asset or for some investors to take a “take profit” on their long-term positions. Therefore, BTC could experience a retracement or a prolonged range at this point.

Currently, BTC has a 24-hour trading volume of $21.7 billion, with a market capitalization of $549 billion. It has continually risen in the past 7 days, rising from $28,000 to trade at $24,463 after its price spiking, without much fluctuations to its market cap since last Friday when it was still valued at $542 billion.



Other News from Today