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Bitcoin Price Jumped 8% Today, BTC Hits $53,000 Again

UTC by Steve Muchoki · 3 min read
Bitcoin Price Jumped 8% Today, BTC Hits $53,000 Again
Photo: Depositphotos

From a technical point of view, Bitcoin price is still on the rising trend in the long term narrative.

Bitcoin (BTC) price was up approximately 7.8% and trading around $53,350 at the time of reporting according to market data provided by CoinMarketCap. The rebound was felt across the entire altcoin market led by Ethereum (ETH), Binance Coin (BNB), and XRP.

While the entire crypto market capitalization stood slightly above $2 trillion, Bitcoin’s market capitalization was around $980 billion. Bitcoin price is now down approximately 4.7%, 12.6%, and 6.9% in the past month, two weeks, and seven days respectively. The asset has been trapped by a multi-week horizontal consolidation that began mid-February. However, the asset has added over 600% since last year. Making it a lucrative investment for hedge fund managers and other institutional investors.

Bitcoin Price Fundamentals and Technical Aspects

Several fundamental aspects affected Bitcoin price at the beginning of the week. To start with, there has been a surge of institutional buyers who are not willing to sell their shares anytime soon. “The amount of non-moving Bitcoin supply, (in cold storage/custody) last moved/bought three to six months ago has grown to 2.5M BTC ($141.85B). Most likely institutions that bought in the last 3-6 months and aren’t selling,” wrote William Clemente.

From another perspective, Grayscale Bitcoin Trust topped over $32 billion whilst the entire asset under management stood at $41.6 billion. An indication institutional investors are more interested and fascinated by the top cryptocurrency.

As more institutional investors seek crypto exposure through regulated means, the CME Group announced the coming of micro Bitcoin futures earlier next month. “At 1/10 the size of Bitcoin, these new contracts provide an efficient, cost-effective new way to fine-tune Bitcoin exposure,” the CME group indicated on its official website.

From a technical point of view, Bitcoin price is still on the rising trend in the long term narrative. Notably, the asset has been making higher highs and highest-lows in the higher timeframe, which is an indication of a rising trend. However, the asset has experienced a resistance level of around $60k since mid-February.

On the lower time frame derivative chart, particularly the 4hr chart, the Bitcoin was recovering from the past few days’ liquidations. The asset was headed to reclaim its all-time high around $60k. However, any slight misstep and the asset continues with the dip.

Bitcoin (BTC) price has enjoyed to a greater extent the Covid-19 pandemic than the traditional stock market or the precious metal industry. With fear of more crypto regulations from the White House, the market faired dismally last week in relation to other weeks.

Altcoin News, Bitcoin News, Blockchain News, Cryptocurrency News, News
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