- Bitcoin has seen some wild cost action throughout the previous couple of days, with bulls driving the crypto higher and putting a firm end to its current debt consolidation phase
- This has enabled the benchmark cryptocurrency to cross the $1 trillion market cap turning point
- It is now among the largest currencies in the world by market cap and ranks high when stacked against the marketplace caps of the world’s biggest business
- The crypto is showing no signs of decreasing, with institutional TWAP orders developing a premium for area BTC
- This means that large buyers are most likely behind this move, which comes just days after BTC saw numerous selloffs that eliminated over-leveraged traders
Bitcoin and the entire cryptocurrency market have actually been growing in strength throughout the past few days and weeks, with buyers taking firm control of BTC as they send it to new all-time highs.
The crypto crossed the $1 trillion market cap milestone today, a huge occasion that highlights just how far the crypto has come throughout the previous couple of years.
One trader is now eyeing even further near-term upside, describing that the next target for him sits somewhere within the lower-$60,000 area.
Bitcoin Shows Signs of Strength as It Crosses $1 Trillion Market CapAt
the time of writing, Bitcoin is trading up 6% at its existing price of $54,700. This marks a huge surge from its recent lows of $50,800 that were set the other day evening.
The entire market is revealing some immense signs of strength at the moment, except for DeFi altcoins which have been sliding lower as investors hurry to acquire direct exposure to Ethereum.
MicroStrategy finished their convertible note offering, which implies that a billion dollars will be injected into BTC. This could be the source of the current runup.
Analyst: BTC Likely to Surge Higher Before Facing Key Resistance
Because big buyers are strongly bidding Bitcoin at the minute, it is unlikely that any retrace will be too substantial in the short-term.
This might be why one expert anticipates considerably more near-term benefit for BTC, considering a transfer to the $60,000 area next.
“This is stunning,” he concisely noted while indicating the listed below chart, highlighting his upside target.
Image Courtesy of Mac. Source: BTCUSD on TradingView.
The coming few days ought to supply some insight into where the marketplace will trend in the mid-term.
Featured image from Unsplash. Charts from TradingView.