• Bitcoin is currently trading at $23,008, breaking through the $22,000 and $23,000 resistance levels
• The entire crypto market has experienced a resurgence in almost all aspects, with the current market cap of the entire cryptocurrency market at $1.05 trillion
• Analysts say that the break on the $23k wall will validate the entry of this year’s bull market, with some even targeting $100,000, or more, in the long term
The king of the cryptocurrency world, Bitcoin, is making waves all over the world. After breaking through multiple crucial resistances since the start of the year, the coin is now up 14% in the weekly timeframe and is currently trading at $23,008. This price movement has been made possible by the breaking of the $22,000 and $23,000 resistance levels that have limited the crypto’s ascent.
The entire crypto market has seen an incredible resurgence this year, with Ethereum and Bitcoin reaping massive gains, along with other top altcoins. This surge in investor sentiment has led to the entire crypto market experiencing an increase in almost all aspects. According to CoinMarketCap, the current market cap of the entire cryptocurrency market is at an impressive $1.05 trillion.
This increase in price has been met with optimism by many analysts, with some believing that the break on the $23,000 wall will validate the entry of this year’s bull market, with some even targeting $100,000, or more, in the long term. This has led to a massive liquidation of short positions on Bitcoin, with the NASDAQ index jumping almost 3% as tech stocks led the market rally.
The connection between Bitcoin and the stock market is undeniable, with the recent price movements showing that the crypto market is continuing to mature and develop. With increasing regulation, the crypto market is slowly becoming more accessible to the average investor, and with the current market conditions, the future looks incredibly bright for cryptocurrencies.