• Bitcoin has broken multiple resistance levels and is now trading at $17,500 – the highest daily gain since December 20, 2022.
• Since Bitcoin tapped into the $17,000 zone, the coin hasn’t budged or even fallen out of that zone, but has lost a couple of hundred dollars.
• Bitcoin’s market capitalization is still above $335 billion, which is higher than the market cap seen on BTC late last year.
The crypto market has seen a surge of activity and bullishness over the past few weeks, with Bitcoin being the primary benefactor of this trend. After falling below the $17,000 zone due to the FTX crash and the ensuing bear market, Bitcoin has been steadily rising to higher highs and setting new records. This Tuesday, Bitcoin tapped into and above the $17,000 zone for the first time in almost a month, trading at $17,500. This marks the highest daily gain since December 20, 2022, and since then the coin hasn’t budged or even fallen out of that zone. Despite the retrace, its market capitalization is still above $335 billion, which is higher than the market cap seen on BTC late last year.
The current bullish market is a welcome respite to the crypto world, which has been in a seemingly never-ending bear market for the past few months. Bitcoin’s surge has been helping to buoy the entire crypto market, with the majority of altcoins following suit and seeing an increase in their prices. This trend is likely to continue until Bitcoin reaches its all-time high of $20,000. Until then, investors and traders alike will be watching the markets closely to see what will happen next.