Bitcoin (BTC-USD) has been sluggish in the $16,000 (£13,415) trading range for almost three weeks, but Monday saw the world’s biggest cryptocurrency breakout, hitting $17,200 (£14,140). pounds).
According to Coingecko, cryptocurrency market capitalization has increased by 3% in the last 24 hours.
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Among the top 10 blue chip cryptocurrencies, Cardano (ADA-USD) had the strongest performance, rising nearly 17% to $0.32 in the last 24 hours at the time of writing.
Ethereum (ETH-USD), the second most valuable cryptocurrency, also reversed its crypto price movement over the Christmas period, rising 4.26% to $1,317.
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Since mid-December, Bitcoin has been pegged in a trading range below $17,000.
However, Monday’s breakthrough has led analysts to speculate that Bitcoin has formed a market bottom.
According to Coinbase Institutional report author David Duong, the market outlook for Bitcoin is that a successful breakout above $17,100 could put the digital asset on track to the next tech level around $17,800. suggests that there is a
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According to Coindesk, FundStrat’s blockchain data suggests that buyers are keen to scoop up bitcoin at the current price point.
Fundstrat’s Sean Farrell says investors now “want to buy BTC at a very specific level between $16,000 and $17,200.”
“This paints an incredible picture of a strong buying wall at current market prices, suggesting a strong bottom is forming,” he said in the report.
Developments in the coming weeks could affect the price of Bitcoin.
Investors are eyeing upcoming payments from the Mt Gox crypto exchange restructuring plan settlement.
Traders also monitor the following reports on US inflation.
The Fed’s tight monetary policy has been a major factor in pushing Bitcoin’s price down 64% last year.
2022 was Bitcoin’s worst annual performance in the last four years.
