by Ammar Raza
Bitcoin (BTC) is revealing strong indications of a considerable upward motion, placing itself for a possible brand-new all-time high. This bullish belief comes inspiteof current bearish pressures that saw BTC experience a considerable sell-off.
The cryptocurrency experienced heavy selling pressure, driven primarily by 2 considerable occasions: First, the German federalgovernment liquidated taken BTC possessions that flooded into the market, therefore pressing its cost down. The 2nd one was Mt.Gox, infamously, a fallen cryptocurrency exchange in 2014, revealing its long-expected payment strategy to financialinstitutions.
This statement triggered fears of a enormous sell-off as lenders may liquidate their gotten BTC. However, Bitcoin has showed amazing durability. After striking its $53.7k low, BTC rebounded and embarked on an upward trajectory, effectively goingbeyond anumberof crucial resistance levels.
At present, BTC is trading at $66,519. Over the past 24 hours, it hasactually seen a trading volume of $97.78 billion. Its market capitalization stands at $1.31 trillion, providing it a commanding market supremacy of 53.88%. In the last 24 hours, Bitcoin’s rate hasactually increased by 3.71%, showing strong market interest and activity.
Bitcoin Bullish Trend May Push Price Beyond $116,000
In a current analysis, the extremely relatedto crypto expert Javon Marks shared his positive viewpoint on Bitcoin’s rate trajectory. Marks pointed out that Bitcoin (BTC) has justrecently showed and verified a Hidden Bullish Divergence, which hasactually been followed by a substantial bullish relocation, moving it near the essential $67,559 level.
Marks elaborated that this Hidden Bullish Divergence is a po