Bitcoin has seen some wild price action in the past few days, with the bulls pushing the cryptocurrency higher and ending the recent phase of consolidation.
This has allowed the benchmark cryptocurrency to pass the milestone of $ 1 trillion in market capitalization
It is now one of the largest currencies in the world by market cap and ranks high when compared to the market caps of the largest companies in the world.
The cryptocurrency is showing no signs of slowing down, with institutional TWAP orders generating a premium for spot BTC.
This means that big buyers are likely behind this move, which comes just days after the multiple BTC sell-offs that washed away over-leveraged traders.
Bitcoin and the entire cryptocurrency market have been gaining strength over the past few days and weeks, with buyers taking control of BTC and sending BTC to new all-time highs.
The cryptocurrency just passed the $ 1 trillion market cap milestone – a monumental event that only underscores how far crypto has come in recent years.
A trader now sees even more short-term upward pressure and explains that the next target for him is somewhere in the lower $ 60,000 region.
Bitcoin is showing signs of strength as it surpasses $ 1billion
Currently (at the time of this writing) Bitcoin ( can Bitcoin crash? ) Is trading at a price of $ 55,300. This marks a massive surge from its recent lows of $ 50,800 set last night.
The entire market is showing immense signs of strength right now, with the exception of DeFi altcoins, which have slipped down as investors rush to get exposure to Ethereum.
MicroStrategy has completed its Convertible Note Offering, which means one billion dollars will flow into BTC. This could be the source of the recent surge.
Analyst: BTC is likely to continue rising before encountering resistance
With large buyers aggressively buying Bitcoin right now, it is unlikely that going backwards will be too strong in the short term.
This could be why an analyst is expecting BTC to rise significantly further in the near term, and is next looking to move into the $ 60,000 region.
“This is beautiful,” he stated succinctly, referring to the chart below, which highlights his upside target.