Thursday, May 23, 2024

Bitcoin’s Resurgence To A Three-Month High Has Bulls Aiming For $50,000 Once More

On August 8, cryptocurrency values remain in the green. The worldwide cryptocurrency market cap is 1,85 trillion dollars, up 5.24% in the last day, while the overall market volume of cryptocurrency during the past 24 hours is 123,413 billion dollars, up 17.28%. Presently, the volume of all stable currencies amounts to $97.53 billion – 79.21 percent of the whole 24-hour crypto market.

Bitcoin’s price presently stands at $44,776.10% and currently dominates at 45.89%, down 0.91% over the day. The most significant digital coin grew to $46,245 during New York trade hours by as much as 5.4%. The surge is a continuation of the new momentum – the coin has risen by around 17% in the last week. Peer coins also benefitted, including Dash, Ether, and Litecoin, up at least 5% apiece. At one time, the Bloomberg Galaxy Crypto Index of more extensive digital assets surged 8.1% – its biggest since May.

“This move should tell us that for now, the worst is behind us,” says Matt Maley, Miller Tabak+Co Chief Market Strategist. Unless it promptly reverses the move, it may soon move to $50,000, where it might face opposition. Still, he noted, “the technically highly positive movement.”

The demonstration comes as a bipartisan group of senators discussing the $550 billion infrastructure plan for a cryptocurrency reporting requirement reaches a consensus, Bloomberg News reported. It is not yet certain, however, that a vote will be taken.

“Washington now recognizes how many people in the United States are enthusiastic about cryptocurrencies,” said Kristin Smith of the Blockchain Association on the “QuickTake Stock” live program of Bloomberg, adding that the problem helped unify the crypto-community. “The more clarity, the more assurance the industry has, the better we are in, the longer term.”

Meanwhile, traders look to Bitcoin’s charts for signs of where they may go next. The Relative Strength Index (RSI) of 14 days of the coin reveals overbought but infringed its 200-day average move through the rally. The currency may yet face resistance — as it did in May — even though a continuous position over it was regarded as a positive development. Many look at 50,000 dollars as the next critical milestone.

“Bitcoin has found its groove again throughout the last week,” stated Craig Erlam, OANDA Europe’s senior market analyst. “The issue is, now very much back in bullish territory, how far this time it can go.”

Bloomberg Intelligence’s Mike McGlone writes in a note that they have rectified more than 50 percent of their business and created a solid supporting basis in a possibly longer-term bull market. Historically, after half a year, he said, he has been very grateful, and the initial coin may reach $100,000.

Final Thoughts

Cryptocurrency values remain in the green on August 8. Bitcoin’s price presently stands at $44,776.10% and currently dominates at 45.89%. The most significant digital coin grew to $46,245 during New York trade hours by as much as 5.4%. According to Bloomberg Intelligence’s Mike McGlone, the initial coin may reach $100,000 by the end of the year. He says he has been very grateful and is looking forward to a possible longer-term bull market.


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