Bitcoin (BTC) is maintaining its lead as the primary driver of the digital currency ecosystem with its sustained uptrend of 1.41% growth over the past 24 hours to $27,932.92. This growth culminated in the addition of more than $425 to its price within the time frame to draw closer to its psychologically important price of $30,000.
While the current growth outlook of Bitcoin is impressive, the fact that it is still marked by extreme volatility is a big call for caution in extremely bullish projections.
Amid all these, a top market analyst with the Twitter user name Rekt Capital noted that the macro uptrend of Bitcoin will be fully confirmed if the premier cryptocurrency can close the monthly candle at or above the $25,000 support level.
All #BTC needs to do to confirm a new macro uptrend is Monthly Candle Close above ~$25000— Rekt Capital (@rektcapital) March 24, 2023
So far, so good$BTC #Crypto #Bitcoin pic.twitter.com/GoLW5K6pza
Already, BTC is changing hands far past this level, and this assumption will now hold true if the mega cryptocurrency does not fall below this level.
Bitcoin has not traded above $30,000 in more than six months, and a retest of this level can drive additional funding into the digital currency from both retail and institutional investors.
Bitcoin boost markers
Bitcoin is seeing a lot of interest at this time, considering the macroeconomic outlook that has largely kept the global financial ecosystem distraught. With banking collapses around the world and tightening monetary policies, the clamor for self-banking through Bitcoin has grown in the past few weeks.
Riding on its design, Bitcoin operates in a decentralized manner, and its operations are dependent on its code and not a centralized entity. It is branded as a good hedge against inflation, and more institutional investors are beginning to consider the asset a store of value.
With a maximum supply cap of 21 million, the digital currency has an element of deflation that many believes will drive its price over time.