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Bitcoin (BTC), the world's largest cryptocurrency by market capitalization, continues its upward trajectory, with analysts and traders alike eyeing the $85,000 mark as the next significant resistance level. Crypto analyst Ali Martinez recently took to X (formerly Twitter) to share his bullish outlook, stating that BTC appears to be breaking out, and if it can hold above $70,800, the next target becomes $85,000.
After a period of consolidation and sideways trading over the past few weeks, the BTC price resumed its rally today, gaining momentum and attracting renewed interest from investors. As of the time of writing, Bitcoin is trading at $72,267, marking a 4.19% increase in the last 24 hours. Additionally, BTC's 24-hour trading volume has seen a significant surge, currently up by 69.13% at $33.33 billion. This increase suggests growing market participation and indicates strong buying interest in the coin.
Factors driving rally
Several factors could be contributing to Bitcoin's current rally and bullish sentiment on the market. First, the increasing adoption of Bitcoin and other coins by institutional investors and financial institutions could be driving demand and fueling the price rally. Second, economic uncertainty, inflation concerns and geopolitical tensions may be prompting investors to seek alternative assets like BTC as a store of value and hedge against fiat currency depreciation.
In addition to these factors, the recent strong inflows into spot ETFs indicate growing interest from institutional and retail investors, providing additional liquidity and support to Bitcoin's price. Moreover, with the next Bitcoin halving estimated to occur 11 days from now, the anticipated reduction in mining rewards could be creating a supply-side constraint. This potential supply-demand imbalance may further drive up the price of BTC as the halving event approaches.
Overall, Bitcoin's breakout above the $70,800 level and the bullish outlook shared by analysts like Ali Martinez have instilled renewed confidence in the market. With Bitcoin currently trading at $72,267 and showing signs of further upward momentum, all eyes are now on the $85,000 resistance level to see if BTC can continue its impressive rally and reach new heights in the coming days.
Alex Dovbnya
Dan Burgin
Vladislav Sopov