The Bitcoin exchange rate soared by almost 30% in just a few hours. Together with the leading crypto, all altcoins also quickly went into the green zone. Meanwhile, the trading volume level of BTC has updated its maximum over the last year - the current value constitutes $30 bln.
The sharp increase in the BTC price can be linked with the fact that buyers entered the market, considering the current levels after the recent correction quite attractive. In addition, the Bakkt platform showed a sharp increase in volumes.
Market Cap: $172 450 764 520
Price: $9 573,39
Volume (24h): $44 333 051 292
Change (24h): 28,31%
The data is relevant at press time.
BTC/USD: Should We Expect a Slight Rollback or a Deep Correction?
Bulls have not just got out of the bearish local trend but managed to come back to the levels of September 2019. The price surged to $10,300 on some exchanges, rising by more than 40%. Meanwhile, the Bitcoin market dominance has increased more than 3% and now totals 68.4%.
On the 4H chart, Bitcoin is oversold and a decline to the nearest support zone between $8,300 and $8,700 is likely to occur in a few days. Now, it is difficult to tell whether yesterday’s growth was a false breakout or a bullish trend revival.
If BTC bounces off the support and goes up, that will be the start of a new bull run in terms of a long-term scenario. In the opposite case, bears will keep pushing the price below $8,000.
Bitcoin is trading at $9,593 at press time.