For the first time in a long time, the crypto market cap has crossed $2 trillion, with bitcoin briefly reaching $45,000. In the past 24 hours, the cryptocurrency has maintained its upward trajectory, reaching $45,000 and briefly crossing it.
This is the highest price since March 2. BTC is currently trading at around $44,500, but its dominance over altcoins has risen to just over 42 percent.
According to Bloomberg’s study, the market has much more upside potential if Bitcoin can maintain its recent progress. Bloomberg claims that if Bitcoin breaks through its early March high of $45,300, price targets of $50,450 and $54,300 are the next levels to be reached, citing the technical indicator of Fibonacci extensions.
BTC whales are back
After a long absence, Bitcoin whales have returned to the market in droves. Whale wallets, or wallets with more than 1000 BTC, are coming back on the market en masse.
Whale activity is the biggest trend reversal in more than a year, according to on-chain data from glass node, as noted by the pseudonymous market commentator on Twitter, BTC Archive. The measure peaked at about 2.1 thousand entities in January 2021 and had been declining until recently. The increased activity has coincided with a large rise in the price of Bitcoin.
Bitcoin is currently trading at $44,464, up 0.26 percent in the past 24 hours and more than six percent from the previous week.
Meanwhile, the Bitcoin network has reached new milestones and gained new users. According to on data from IntoTheBlock, the network has reached a new high in terms of wallet holders, with 40 million wallets.
Bitcoin price analysis
On the hourly chart, Bitcoin failed to break the $44,700 level, resulting in a small decline. At this point, one should pay particular attention to the USD 44,000 support level. There is a prospect of future gains if buyers can hold onto it.
On the other hand, massive support between $43,000 and $41,000 has prevented the negative leg from reaching further as Bitcoin price was pivotal at $44,000, preventing it from moving above this crucial level. Meanwhile, at the $43,000 support level, Bitcoin has made a recovery attempt.