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May 18, 2024
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Bitcoin Price Live Today: Why BTC Price is Going Up?

The post Bitcoin Price Live Today: Why BTC Price is Going Up? appeared first on Coinpedia Fintech News

Bitcoin price is going up today! The crypto markets are painted in green as the global market capitalization has raised beyond $1.19 trillion with a notable jump of 2.18%. The trading volume also soared high by more than 33.7% marking highs beyond $54 billion. Although some of the altcoins are surging, Bitcoin continues to maintain its dominance, lifting the entire crypto space. 

The BTC price managed to hold key support levels at $27,000 but constantly failed to close the daily trade above these levels, which left the market participants confused. Additionally, RSI also displayed a descending trend which fueled the bearish narrative for the asset. However, the price squashed the bearish influence and soared high to reach beyond $28,000.

So what’s next, what can we expect from the BTC price in the next few days?

The BTC price appears to have reached halfway in securing an upswing for the rest of the year. The price is undergoing a v-shape recovery and is anticipated to print bullish candles in the coming days. However, the upcoming monthly close is believed to have a larger impact on the Bitcoin price which may further rise high to reach the upper resistance at $34,400. 

In the meantime, the Bitcoin hash rate is printing new highs. It is nothing but a measure of the computational power required for the miners to validate a transaction and add the block to the chain. It indicates the overall health and security of the platform.

The surged hash rate indicates the network is becoming more decentralized with more and more miners joining in to validate the transactions. Besides, the miner’s revenue is also rising which may motivate them to hold their rewards for a longer time. This may not mount fresh selling pressure over the market and eventually kick-start a fine Bitcoin price rally ahead

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