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- Bitcoin crossed the $52k mark on Wednesday and could be heading towards the next resistance around the $60k level.
The cryptocurrency market has been bullish since the start of the week, with Bitcoin and other major cryptocurrencies rallying higher.
Bitcoin (BTC) price hit $52,000 during Wednesday surpassing the $1 trillion market capitalization after 26 months, with traders eyeing even more gains anticipating the rally has room to run.
See Also: Should You Buy Bitcoin (BTC) While It’s Price Is Rising?
The largest and oldest cryptocurrency shrugged off Tuesday’s dip below $50,000 on a hotter-than-expected US inflation data, reclaiming the psychologically significant price level during European trading hours.
At press time, the price of Bitcoin stands at $52,284, up by more than 5% in the last 24 hours. Thanks to the recent rally, Bitcoin’s total market cap has now crossed the $1 trillion mark for the first time in more than two years.
If Bitcoin can maintain its current momentum, it could reach the next resistance level at $60k in the coming days or weeks.
Some traders are targeting the $64,000 level in the coming weeks as demand from spot bitcoin exchange-traded fund products grows.
The broad-market rise came as bullish sentiment around bitcoin continued running higher, with options traders betting on prices to touch as much as $75,000 in the coming months.
See Also: Australian Federal Police Officer Accused of Stealing 81.616 Bitcoin
Altcoins also bounced, with Cardano’s ADA (ADA) and popular meme token dogecoin (DOGE) gaining 6% during the day. Ether (ETH) also rose over 5% to $2,750, its highest price since May 2022.
Disclaimer: The information provided is not trading nor financial advice. Bitcoinworld.co.in holds no liability for any trading or investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any trading or investment decisions.
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