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Crypto Watch: Will Bitcoin Close the Year on a High Note?
BTC has surprised market participants lately after a 10-day green streak. The price swings will continue, and experts say they’re something long-term crypto investors will have to tolerate. At the time of writing, BTC is exchanging hands for $41,262.62 per unit. Other CoinDesk digital assets were also green, with ether rising by 4.5% to $2,453 and chainlink rising 13% to $21.8.
The recent price action is very bullish for BTC, but the weekly close will give the exact confirmation. The crypto has managed to break above $40K. BTC made the first daily close above the top of the trading range, setting an overnight rally at $42.2k.
Crypto assets went up in value yesterday as the price of bitcoin attained $42,411 per unit. The deal is the highest point the cryptocurrency has reached since May 20.
Bitcoin’s latest big jump has become a common trend. Kiana Danial, the founder of Invest Diva, says that Bitcoin’s price has generally gone up within an extended period; however, we will continue to experience a lot of volatility along the way.
The entire market capitalization of all the crypto assets, which are over 10,000, is almost $1.6 trillion on Saturday. The figure is up over 6% during the last day.
Last week, BTC printed a hammer candle, a possible reversal signal, especially after getting its price above $30k. The cryptocurrency needs to end the week at the highs to validate the bullish trend.
A few days ago, Bitcoin’s price barely held within the $30k range, prompting many to prepare for the next price resistance level at around $26k. At the time, BTC holders who were not long-term accounted for 10.5% of BTC supply. They were exerting selling pressure with no profit. Investors need to be patient and continue holding and not worry about the fluctuations.
Transition to Bull Market
Earlier this week, the third-largest BTC whale made a 3000 BTC transfer to Coinbase, indicating an impending caution on price. The move has been a significant indicator on quite a few occasions in the past. Bitcoin then saw a minor correction dropping from $40.9k to $38.3k.
The bulls were able to recover firmly, marking the first daily close above the 2-month long trading range between $30k and $40k. This is the first significant step in transitioning from the accumulation phase back into bull market continuation.
BTC has about $33 billion in global trade volume on Saturday, with tether (USDT) dominating almost 60% of all trades. The latter precedes USD (12.3%), BUSD (5.9%), JPY (4.3%), and EUR (3.4%).