Bitcoin (BTC), having hit a high of $51,800 for the first time in a month, hasn’t stopped rising and recently saw a sudden spike in price, hitting the $55,000 mark.
While $56,000 is an important resistance level for BTC, anything can happen according to the mood. BTC is only $15 billion to reach a market cap of $1 trillion, as it was earlier this year.
BTC odds clearly point to the arrival of the bulls early in the month, and Coin King is targeting the $56,000 area and $1 trillion market cap.
The $55,000 level touched after May 12, causing gratifying smiles from the police after quick and hard work.
Bitcoin recovers from repression in China
China has never been cool with the crypto and bitcoin markets and is always trying to overcome them. In return, however, he always saw defeat. We can see an aggressive bull after Chinese encryption as happened in 2017.
According to a recent analysis by Glassnode, miners are starting to accumulate BTC, which reduces selling pressure and gives the market a bullish boost.
The coin posted the day’s highest return of $55,555, beating the previous line of $53,000 drawn by bulls on September 5. On September 6, the market collapsed and saw a turnaround that brought the price back into the $42,000 to $46,000 range.
Futures markets are volatile due to the incredible volatility, but experts say the next target of $57,000 isn’t too far off.
It is true that once the police arrive, any destination is possible.
The sudden slump in Bitcoin followed CME Group’s Bitcoin futures contract, which was trading at $400 above the spot rate.
This situation fully demonstrates that BTC has fully recovered from China’s attacks on miners and the recent repression.
Wal bought $1.6 billion worth of BTC in 5 minutes
According to a recent analysis by market analyst Ki Young Ju, the whale bought $1.6 billion worth of BTC via market orders in just five minutes. The magnitude of interest from institutional investors as well as the large single whale suggest that a new all-time high (ATH) is not far off.
According to expert analysis and speculation, November BTC could lead to new ATH and create a new story.