Bitcoin Consolidates as Bulls Strongly Hold Price Over $52K Level
- At the time of writing, Bitcoin is trading at $52,273, down 0.16% in the last 24 hours.
- If the price manages to go below the $50,700 mark then the price will likely test $49,750.
There has been a dramatic change in the Bitcoin liquidity scenario, especially on U.S cryptocurrency exchanges. The advent of exchange-traded funds (ETFs) in the U.S is largely responsible for the dramatic increase in liquidity shown in recent statistics.
The liquidity dynamics of Bitcoin have changed significantly, with US-based crypto exchanges benefiting the most, according to a new report by research firm Kaiko. The majority of the bids and asks within 2% of Bitcoins mid-price have occurred on U.S trading platforms since the US spot ETFs were established, according to the research.
There will be a likely huge supply shock in the crypto market in April of this year, when Bitcoins halving event takes place. Its price might be greatly affected by this.
Bulls in Control
Last week, Bitcoin surged beyond $52,000, a figure not seen since December 2021, causing the total crypto market cap to soar to an incredible $2 trillion. A number of cryptocurrencies have responded favorably to this upward trend, mimicking the behavior of BTC.
With the exception of a few altcoins that have performed sluggishly, most cryptocurrencies have provided returns for investors over the medium to long term, according to the most recent research by Santiment.
At the time of writing, Bitcoin is trading at $52,273, down 0.16% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 23.04%. The price has been consolidating lately hinting towards a likely breakout in either direction.
If the price manages to go past $52,690 level, then it will likely surge further to test $56,200 resistance level. However, if the price manages to go below the $50,700 mark then the price will likely test $49,750 support level.
Read more: https://thenewscrypto.com/bitcoin-consolidates-as-bulls-strongly-hold-price-over-52k-level/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
