Recent data from Matrixport, a major player in crypto services, reveals a stunning 25% jump in Bitcoin’s value within the past month, primarily during U.S. trading hours.
Markus Thielen, the head of research at Matrixport, highlights the significance of this trend, linking it to the growing excitement among U.S. investors and institutions who are gearing up for a U.S.-listed spot Bitcoin Exchange-Traded Fund (ETF). This development marks a big deal in the world of cryptocurrencies.
Read all about it below.
Although Asia boasts the largest number of crypto users, a whopping 260 million, the purchasing power of U.S. traders and institutions outshines all, demonstrating their strong influence in the crypto world.
Matrixport’s report also touches on the technical side of Bitcoin’s recent gains, pointing out the strong upward momentum that has pushed Bitcoin past the $30,000 resistance level.
Words of Caution
However, the report hints at a potential slowdown in this bullish run. It advises traders and investors to keep a close watch on market movements. The analysis suggests that Bitcoin has the potential to break the $45,000 mark by the end of the year, based on a proven investment process that has worked well this year.
At the time of writing, Bitcoin is in a consolidation phase, trading within a contracting triangle on the 4-hour chart. A breakout from this pattern could propel the cryptocurrency beyond the $35,000 mark again, with potential resistance at $37,000 and $40,000.
On the flip side, a breakdown could test the $30,000 support, with further potential declines targeting the $28,000 level. Currently, Bitcoin is valued at $34,042.
Playing in trillions
Zooming out to the broader crypto market, the total market cap has surged past the $1.25 trillion mark. This market has witnessed an impressive 99% spike in trading volume, reaching $92 billion across various platforms. Interestingly, Bitcoin, with its 53% dominance, is outperforming even the most volatile altcoins.
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