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From the technical point of view, Bitcoin price remains bullish both on the higher and lower timeframes.
After consolidating for the past two weeks between $43k and $51k, Bitcoin price jumped approximately 8.9% in the past 24 hours to trade slightly above $54k at the time of reporting. With the growing price, Bitcoin, ostensibly, has also surpassed $1 trillion in market cap for the second time in less than two months.
Market data provided by Coinmarketcap indicates the asset was trading around $54,180.46, with its market capitalization at $1,008,510,551,947. Notably, the average trading volume in the past 24 hours was at $53,195,674,759, up 14%.
Meanwhile, Bitcoin price is around 7.52% shy of its all-time high, $58,330.57, which was recorded mid-last month. Moreover, it’s worth noting that the entire altcoin market has followed the Bitcoin price jump in the past 24 hours. Ethereum (ETH), Binance Coin (BNB), Litcoin (LTC), Chainlink, and Bitcoin Cash (BCH) were up 8.7%, 6.2%, 8.5%, 9.3%, and 7.0% respectively in the past 24 hours.
As a result of the crypto market jump, the total market capitalization stands at $1,663,463,846,359 according to Coinmarketcap. To put the figure into a proper perspective, Apple Inc (NASDAQ: AAPL) is approximately $400 billion worth than the entire crypto market. Bitcoin market capitalization is almost double the entire Tesla Inc (NASDAQ: TSLA) market valuation that stands at around $573 billion.
Bitcoin Price Technical and Fundamental Aspects
From the technical point of view, Bitcoin price remains bullish both on the higher and lower timeframes. On the 4-hour chart, Bitcoin price is retesting a resistance/support level that formed during the prior dip. If the asset can hold the current price, the bulls would be in a better position to reclaim the all-time high and rally beyond. However, if Bitcoin price drops below the current support level, then it could mean more consolidation or a deeper dip before continuing with the rally.
On the other hand, the weekly Bitcoin price chart indicates a different perspective in regards to the United States dollar. The asset remains on a strong uptrend market. Whereby it made higher – highs and higher lows, a condition for a rising market.
Fundamentally, Bitcoin price is significantly bolstered by institutional investors who are adding the asset to their balance sheet. Besides Tesla, Square Inc (NYSE: SQ), and Microstrategy Inc (NASDAQ: MSTR), Norway’s Aker, the country’s third-largest oil and gas producer, will now mine Bitcoin with renewable energy. Notably, Aker will collaborate with Blockstream to help with renewable energy Bitcoin mining.
Grayscale Bitcoin Trust is now over $33 billion, which significantly represents institutional investors. Bitcoin price is also bolstered by the continued dollar inflation. Notably, the breakout coincided with Biden’s $1.9 trillion stimulus package.