Since the slump in May, the Bitcoin price has moved in a wide range between $ 30,000 and $ 42,000 and has averaged around $ 36,500. Since mid-May, the largest cryptocurrency has not broken the $ 45,000 mark. Are new heights coming up now?
Bitcoin, the largest cryptocurrency by market capitalization, hit the $ 45,000 mark for the first time since mid-May, according to Coinmarketcap. Bitcoin was able to recover significantly from its three-month low of $ 28.893. At the time of this writing, the cryptocurrency stands at $ 44.665.
Bitcoin – price development so far
According to data collected earlier this year, the $ 42,000 mark was a critical area. Bitcoin hit its first high at $ 42,000 in January 2021, after which it underwent a brief correction. It then retested the high of $ 42,000 before experiencing a minimal correction to $ 30,000. However, when the price gained strength at $ 30,000, the market rebounded and the digital asset hit a new high at $ 64,000.
What can we expect for the future?
Right now we could see a similar breakout in the Bitcoin market. Should the market continue this rally, BTC could find itself in a trading range of between $ 49,000 and $ 52,000. However, this would only be possible if the price stayed above $ 42,000. In the event of a price reversal, BTC could drop as low as $ 36,500, which has proven to be strong support in the past.
What about the altcoins?
Not only Bitcoin has seen an increase in the last few days, the rest of the crypto market has also increased. Ethereum, has seen an increase of almost 27 percent in the last 2 days. An upward trend can also be observed for the other altcoins.
This sudden rally shifted market sentiment from fear to greed. So, as you can see, until a few days ago the market was still in the “extreme fear” zone, but when the price started to move upwards, sentiment has now reached “greed” and gained momentum.
So we are curious to see how strong this dynamic can develop and what can be expected on the crypto market in the next days and weeks.
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