Bitcoin Market Cap Returns To $1 Trillion As BTC Price Surges Above 55K

  • The present BTC value bull run as seen the large crypto bush shoulders with $55K.
  • Bitcoin’s market capitalization has as soon as once more returned to over $1 trillion.
  • The IOMAP exhibits that BTC sits on sturdy help round $53,200.

BTC value is buying and selling at $54,329 with a bullish bias after rallying roughly 7.25% during the last 24 hours with a every day buying and selling quantity of $47,531,927,866 which has itself elevated by 25% over the identical interval. Bitcoin value has surged greater than 26% during the last seven days. This rally that started on September 30 has seen the bulls push the large crypto from a low of $41,444.58 on September 30 to brush shoulders with $55k on Wednesday.

This represents a rally of about 36% that has seen Bitcoin’s market capitalization enhance by roughly 26% from $824,619,217,608 on September 30 to the present worth round $1.025 trillion in accordance to information from CoinMarketCap.

BTC Market Cap Chart

Bitcoin Market Cap

Bitcoin’s market cap took a breather at round $988 billion on September 06 earlier than the BTC value plunged to beneath $43,000 through the September 07 crypto market flash crash.

This is the primary time on 5 months that the market capitalisation of the flagship cryptocurrency has surged above the $1 trillion mark. The final time the BTC’s market worth was above this mark was in May 11 at $1.062 trillion. Before then, Bitcoin’s market cap was oscillating above and the beneath the $1 trillion mark earlier than May’s bearish leg.

BTC Price Sits On Strong Support Around $53,124

Technical indicators might bolster buyers to purchase Bitcoin as they present that BTC value sits on sturdy help in the mean time.

There are a lot of elements that validate this outlook. To start with, Bitcoin is sitting on sturdy help supplied by the Simple Moving Averages (SMA) with the 50-day SMA at $47,218, 100-day SMA at $42,520 and the 200-day SMA at $44,996. These help areas are strong sufficient to maintain Bitcoin bullish within the long-term.

In addition, BTC/USD value fast help across the $53,124 space is sturdy and every day closure above this stage might see huge crypto rally in direction of he ATH which lower than $10,000 away.

BTC/USD Daily Chart

BTC Price Daily Chart
BTC Price Daily Chart. Source: Tradingview

This sturdy help is accentuated by information from IntoTheBlock’s In/Out of the Money Around Price (IOMAP) mannequin which exhibits that BTC’s fast help is strong. It is inside the $52,550 and $54,128 value vary the place roughly $515,780 BTC had been beforehand purchased by roughly 712,990 addresses.

These buyers may need to push the Bitcoin value increased so as to take earnings at increased costs.

Bitcoin IOMAP Chart

Bitcoin IOMAP Chart
Bitcoin IOMAP Chart by IntoTheBlock

The similar IOMAP chart exhibits that BTC value help downwards is very strong and that the trail is with little resistance is upwards in direction of the ATH.

Enthusiasm amongst market individuals, with longer-term BTC value projections are firmly bullish.

Bitcoin finishing above its ATH would be super positive to keep pushing towards the inevitable,” tweeted David Gokhshtein, Founder and CEO PAC Protocol.

David tweet

However, if issues go awry for the Bitcoin bulls, we might see a retracement for BTC value to $45,000 and even $40,000 ought to the bellwether cryptocurrency retest all-time highs following the present rally.

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