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Bitcoin (BTC) continues its bullish trend, conquering one key level after another and reflecting investor optimism.
During the last week Bitcoin recovered its positions from the previous correction below $36,000 and managed to break the $40,000 level.
At the time of writing, BTC is trading at $40,100 after a 1.5% increase in the last 24 hours and has a trading volume of over $13.5 billion. The market capitalization of the pioneering cryptocurrency currently stands at $784 billion.
The 1-day technical analysis from TradingView also reflects extremely bullish sentiment in the cryptocurrency community. The summary and moving averages point to a “strong buy” with 16 and 14 signals respectively. Oscillators remain at the “neutral” level with 8.
In the last 24 hours of the market were liquidated almost $98 million – over 60% of which were short positions. The majority of liquidations took place on OKX and Binance.
As for the rest of the market, Ethereum also shows a positive trend, with the price currently trading at the $2,200 level after a 2% increase in the last 24 hours and has a trading volume of around $7.4 billion.
The most significant gainers in the last day were FTTFTX and Terra Classic token (MON). FTT gained more than 17% to peak at just over $5, while LUNC is currently trading at $0.000195 after gaining 32%.
More and more analysts are beginning to believe that the bear market is now over and a new cycle is emerging for cryptocurrencies. With the upcoming halving event and the buzz surrounding the potential approval of a spot Bitcoin ETF in the US, sentiment in the cryptocurrency community is turning extremely bullish.