Bitcoin Price Records A Significant Push While Its Market Valuation Surges Tremendously

The running week has been the luckiest for the entire crypto market as the overall market valuation has surged tremendously.

Overall Crypto Market Cap Surpasses $1 Trillion

The 24-hour analysis report shows that the overall valuation of the cryptocurrency market has moved past the $1 trillion mark. The information has been confirmed by CoinMarketCap.


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According to CoinMarketCap, the overall valuation of the crypto market has surged 6.40% in over 24 hours.

Strong Performance of Bitcoin

One of the major contributors to the boost in the overall valuation of the cryptocurrency market is none other than Bitcoin, the largest cryptocurrency.

Its valuation registered a great boost in the same period, as its trading price recorded a major boost. The trading value of Bitcoin reportedly surged by 7.68% in a 24-hour window.

The recent rally has pushed Bitcoin’s trading price to a high of $22,594.28. Due to the recent push, the market valuation of Bitcoin has surged tremendously as well.

The market valuation of Bitcoin alone has risen significantly. The valuation of the largest crypto has surged over $435 billion in the past 24-hours.

Report by Santiment

The report shared by Santiment shows that it was for the first time since August 18, 2022, that the value of Bitcoin surged over $22,700.

For a long time, investors had hoped that the trading price of Bitcoin would rise after it recorded a major dip in November.

After the dip, Bitcoin was not able to recover and its price traveled all the way down to $15.6k. It was a massive fall that the trading price of BTC had recorded and had the entire crypto community worried.

May thought that there was no point of return for Bitcoin from that point and its price would continue plummeting. There were speculations that the trading price of BTC may fall to a low of $9,000.


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Fortunately, the trading price of BTC did not fall to such a level and then it entered the year 2023. This provided a boost to the entire cryptocurrency industry and it also pushed BTC’s price.

BTC Holding Addresses have increased

Santiment has also revealed that the number of wallets holding 1,000 to 10,000 BTCs has continued to rise since the beginning of 2023.

In the past 15 days, the aforementioned category of addresses has accumulated a total of 64,638 BTC. Given the current trading price of Bitcoin, the mentioned number of accumulated BTCs translates to $1.46 billion.

BTC is Over the Resistance Level

The data shows that the first major resistance level for Bitcoin was $21,120. However, the strong buying momentum and the accumulation by the whales managed to push BTC’s price beyond that level.

However, Bitcoin did not make a stop there and it has continued surging and pushing to a higher level. Recent data shows that the trading price of BTC has crossed the $22,496.55 resistance level barrier.

This was once a huge obstacle for Bitcoin once and almost looked impossible as the year 2022 came to an end.

As of now, the trading price of BTC is over the second major resistance level and it is still hovering above it. This is a major indication that the bulls are in strong power and they may continue powering the rally.


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The price analysis shows that Bitcoin is moving in the upper trendline and its price may continue rising in the upcoming days.

The RSI for Bitcoin is also very bullish and it is constantly moving in the upward zone. If the trend continues, then the trading price of Bitcoin would continue to rise.

It may continue hitting and crossing more resistance levels and things may continue becoming more favorable for the asset in the future.

The analysts are hopeful that in the upcoming days, the trading price of BTC may surge to a high of $25,000.


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