The price of Bitcoin surged to record highs yesterday as the world’s most famous cryptocurrency continues its relentless ascent. At its peak price, Bitcoin was worth more than $3,200 (over $3,000 more than it was at the same time yesterday) before dropping back slightly to $3,190. The cryptocurrency is now up over 30 percent in October and has risen almost 1,500 percent in the past year.
Bitcoin, the first cryptocurrency ever created has indeed become the most widely used digital currency on earth. With a total market cap of more than $138 billion, bitcoin constitutes a significant fraction of the cryptocurrency market. (And, as of January 2018, this figure was growing at a rate of close to $3,000 per month.)
Bitcoin is a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Bitcoin is a decentralized form of currency, meaning that it does not belong to any form of government and is not controlled by any single entity. This has led the US government to call bitcoin a decentralized virtual currency.. Read more about is dogecoin a good investment in 2021 and let us know what you think.Summary of the situation
- BTC hit a new low yesterday.
- Support was found at the $32,000 level.
- Other reductions are rejected.
The outlook for today’s bitcoin price is bullish as the market briefly tested the $32,000 level and further declines are rejected. As a result, BTC/USD is likely to brace for a higher move in the next 24 hours as the bulls try to regain control. Crypto-currency heat map. Source: Coin360 The market is generally trading in the green today after the bulls took over the lead overnight. Bitcoin is up almost 3% and Ethereum is up about 6.25%. Stellar (XLM) was one of the best performers, growing 16%. BTC/USD opened at $34.758 after a strong bearish close yesterday. The price of bitcoin rose overnight, indicating further increases over the next 24 hours.
Bitcoin price movements in the last 24 hours
BTC/USD traded in the range of $31,227 – $36,700, indicating good volatility. Trading volume increased 71% to $85.4 billion. Meanwhile, the total market capitalization is about $686 billion, representing a market dominance of 45.79%.
4-hour chart BTC/USD – BTC will not drop below
On the 4-hour chart, we can see that BTC has gained in the last few hours, after failing to drop below the previous low of $30,000 yesterday. Four hourly chart BTC/USD. Source: TradingView The overall market is still trading with strong downward momentum. After the BTC/USD was traded on the 14th. After reaching a new high of $65,000 in April, it fell by more than 50% until it found support at $30,000. Last week we saw a strong rejection of further downside movement when the market briefly hit $30,000 and quickly recovered to test $42,000 resistance. From there, a new downward movement was observed in recent days. Local lows and highs were established until the $32,000 level yesterday was quickly reached and discarded. Therefore, we expect the bitcoin price to rise today as the bulls try to regain control by setting a higher high. If BTC/USD fails to make a local high, we could see another significant push below $30,000 later this week.
Bitcoin Price Forecast: Supplement
The outlook for the bitcoin price is bullish as the market rejected further declines yesterday and set a slightly higher low. Therefore, we expect the market to move higher in the next 24 hours, with the next major resistance at $42,000. In anticipation of the rising price of bitcoin, check out our guides on how to mine bitcoin, invest in bitcoin, and buy bitcoin with a credit card. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.One of the most important events in cryptocurrency news happened yesterday when Bitcoin spiked to $3,200 and quickly moved above $40,000. This is close to 10x its price at the beginning of the year when it was trading for $1,000. This has been followed by a drop that has taken it to the $2,300 region, with a market capitalization of $41 billion. This is a considerable amount compared to the $100 billion it had at the beginning of the year. Whats driving the price of Bitcoin? It is difficult to pinpoint the exact reason why the price is rising. Investors in the market believe that the massive price increase is due to a number of factors.. Read more about should i buy dogecoin 2021 and let us know what you think.
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