For the first time in a long time, the crypto market cap has surpassed $2 trillion, with bitcoin briefly reaching $45,000. In the last 24 hours, the cryptocurrency has maintained its upward trajectory, reaching and briefly surpassing $45,000.
This is the highest price it’s been since March 2nd. BTC is currently trading at roughly $44,500, but its dominance over altcoins has risen to just over 42 percent.
According to Bloomberg’s study, the market has much more upside potential if Bitcoin can maintain its recent advances. Bloomberg claims that if Bitcoin breaks through its early March high of $45,300, price goals of $50,450 and $54,300 are the next levels to attain, citing the Fibonacci extensions technical indicator.
BTC whales are back
After a long absence, Bitcoin whales have begun flooding back into the market in droves. Whale wallets, or wallets with more than 1000 BTC, are returning in droves to the market.
Whale activity is the biggest trend reversal in over a year, according to on-chain data from Glassnode, as observed by the pseudonymous market commentator on Twitter, BTC Archive. The measure peaked around 2.1k entities in January 2021 and has been on the decline until recently. The increased activity has coincided with a big climb in the price of Bitcoin.
Bitcoin is currently trading at $44,464, up 0.26 percent in the last 24 hours and by more than six percent over the previous week.
In the meantime, the Bitcoin network has reached new milestones and gained new users. According to data from IntoTheBlock, the network has reached a new high in terms of wallet holders, with 40 million wallets.
Bitcoin price analysis
On the hourly chart, Bitcoin was unable to break through the $44,700 level, resulting in a little decrease. At the moment, one must pay particular attention to the $44,000 support level. There is a prospect for future increase if buyers can hold it.
On the downside, massive support between $43,000 and $41,000 has assured that the negative leg does not extend any further, as the Bitcoin price has been pivotal at $44,000, preventing it from moving above this crucial level. Meanwhile, with a support level of $43,000, Bitcoin has been on a recovery effort.