Bitcoin Hits $23,000 As Crypto Market Cap Revisits $1 Trillion Mark

News BTC

Bitcoin, the king of cryptocurrencies, has been crossing multiple crucial resistances since the start of the year. According to CoinGecko, the coin is now up 14% in the weekly timeframe, and trading at $23,008, making BTC break through the $22,000 and $23,000 resistance levels that have limited the crypto’s ascent. 

This year witnessed a complete U-turn in investor sentiment on cryptocurrencies as both Ethereum and Bitcoin reaped massive gains, along with the other top altcoins. This led to the entire crypto market to experience a resurgence in almost all aspects.

How To Get Free Crypto  

At the time of writing, the current market cap of the entire cryptocurrency market is at $1.05 trillion, according to CoinMarketCap

Get 30 FREE SPINS at Punt Casino – NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

Crypto Winter Thawing?

Twitter has been very bullish since the coin broke through its latest line of barrier. Analysts say that the break on the $23k wall will validate the entry of this year’s bull market, with some even targeting $100,000, or more, in the long term. 

This recent price movement led to massive liquidations of short positions on Bitcoin. There are several reasons as to why this BTC broke through $23k. 

Just this few hours ago, the NASDAQ index jumped almost 3% as tech stocks led the market rally. Bitcoin is heavily connected to the traditional financial space. This means if major indices like the NASDAQ continue to go up, Bitcoin will follow suit along with the entire cryptocurrencies. 

Coinbase Banner  
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

With the broader financial space eyeing an economic soft-landing, bullishness on both the crypto and stock market will continue as the situation improves. December’s Consumer Price Data (CPI) contributed to the optimistic mood.

  Image: Crypto News

What’s Next For The Alpha Coin?

Bitcoin’s price movement is expected to slow down a bit in the short term, some analysts said, as the next target will be $30k in the coming weeks or months.

At the time of writing, the Bitcoin bulls should try and consolidate above its current support at $22,661 which will be retested by the bears in the next few days as $23,328 resisted today’s bullishness.

Chart: Tradingview

Investors and traders should also keep an eye on consolidation for now as market momentum might slow down. Bitcoin’s halving – an event that would cut the total supply of the coin in the market – would also place upward pressure as it happens. 

FreeBitcoin Banner  

BTC total market cap at $442 billion on the weekend chart | Chart:

Bulls should also keep tabs of the current situation in the traditional financial space. With the coin’s high correlation with the stock market, Bitcoin’s future will be reliant on the movement of the stock market along with improving macroeconomic trends. 

For now, Bitcoin holders should have enough strength to consolidate and target $24.5k and $25k resistances. 

Featured image by Helvetia

Go to Source
Author: Christian Encila

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.