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Bitcoin could resume its rise in the short term, according to marketcap data

Bitcoin could resume its rise in the short term, according to marketcap data

Thus, the price of Bitcoin might have to wait before reaching a new all-time high. With BTC currently trading at $68,818, it looks like it will need more time to rise to $73,650.

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The cryptocurrency market is experiencing another quiet day. He Bitcoin (BTC) remains stablearound US$69,000, while the Ethereum (ETH) drops to $3,700 after a drop of 1.3% in the last 24 hours.

In the altcoin sector, the outlook is mixed, although declines prevail. Shiba inu (SHIB), avalanche (AVAX) and chainlink (LINK) are the ones that fell the most, with losses between 3% and 4%. Dogecoin (DOGE) also falls, although more moderately. On the rise side, there are no notable increases in Binance coin (BNB), solana (SOL) or cardano (ADA), with only toncoin (TON) rising more than 1% among the major tokens. XRP remains unchanged.

The most notable news in the market is that Bitcoin managed to exceed US$70,000, although it soon fell back to current levels. According to analysts, the performance of several risk assets was influenced by the latest appearance of the trader ‘Roaring Kitty’, known for the ‘short squeeze’ of GameStop in early 2021.

Bitcoin: what the market analyzes

A report from crypto exchange Bitfinex suggests that BTC’s stagnation since March could be due to the exit of long-term investors, although this correction phase “appears to be coming to an end”. Bitfinex indicates that investors are starting to accumulate bitcoin again as early as December 2023, which could be a positive sign for prices.

In other news, the total crypto market capitalization is struggling to overcome the $2.50 trillion resistance and turn it into support. The bullish trend seems to be building up across the market. Maintaining this trend is crucial to recover the support of US$2.50 trillion, which would allow the crypto market capitalization to once again reach 2.61 trillion, the maximum of the last two months.. However, if this barrier is not overcome, the total capitalization could continue to move sideways or fall to minimums of US$2.39 trillion, negatively affecting investor optimism.

Thus, the price of Bitcoin might have to wait before reaching a new all-time high. With BTC currently trading at $68,818, it looks like it will need more time to rise to $73,650. Although this process could be slow in the short term, it is likely to occur in the macro time frame.

This is because the price of Bitcoin continues to move within a bullish flag pattern since February. Until it exceeds US$71,800, BTC will likely continue to show mixed signals, between neutral-bearish and neutral-bullish.

Source: Ambito

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