Bitcoin’s Price Breaks Above $35K, Reaching a 17-Month High
Bitcoin surged to a more than 17-month high amid optimism that the Federal Reserve has concluded its interest-rate hikes and the anticipation of burgeoning demand within the exchange-traded fund sector.
Throughout this year, Bitcoin (BTC) has more than doubled in value, partly due to speculation surrounding potential approvals by the Securities and Exchange Commission for leading entities such as BlackRock Inc. to launch the first US-based ETFs directly investing in the cryptocurrency.
Analysts have noted a price “resistance” around $35,000, but with significant ongoing enthusiasm regarding the ETF developments, there are expectations for Bitcoin to make strides toward the $37,000 mark, as mentioned by Michael Safai, a partner at proprietary trading firm Dexterity Capital LLC.
At the time of writing Bitcoin is trading at $35,400 after 2.8% price surge in the past 24 hours with a $26.6 billion volume. The market cap of the flagship cryptocurrency is currently at $692 billion.
The 1-day technical analysis from TradingView paints a bullish picture with the summary pointing to “buy” with 16 signals, the moving averages (MA) show “strong buy” with 14 and oscillators at “neutral” with 6.
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The collective market capitalization of cryptocurrencies has soared to $1.31 trillion. Although this marks a considerable increase, it remains far below the peak of $3 trillion witnessed in 2021.
Solana (SOL) marked the most significant price surge within the previous 7 days, surging by more that 36% to over $43 and has a 24-hour trading volume of $3.9 billion. SOL’s market cap is around $18.2 billion.
TradingView’s 1-day TA also seems fairly bullish with the summary pointing at “buy” with 15 signals, MA at “buy” with 14 and the oscillators being at “neutral” with 8 signals.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
