coinspress.com
Bitcoin (BTC) is continuing its bullish trend, conquering one cruical level after another and reflecting investors' optimism.
During the past week, Bitcoin regained ground from its previous correction to below $36,000 and managed to break through the $40,000 level.
At the time of writing BTC is trading at $40,100 after a 1.5% increase in the past 24 hours and has a trading volume of over $13.5 billion. The pioneer cryptocurency’s market cap currently stands at $784 billion.
The 1-day technical analysis from TradingView also reflects the extremely bullish santiment within the cryptocurrency community. The summary of the TA and the moving averages point to “strong buy” with 16 and 14 signals, respectively. The oscillators remain at “neutral” with 8.
During the past 24 hours almost $98 million were liquidated from the market – over 60% being short positions. The majority of the liquidations took place on OKX and Binance.
As for the rest of the market, Ethereum is also showing a positive trend with the price currently trading at $2,200 after a 2% increase in the past 24 hours and has a trading volume of around $7.4 billion.
The most significant gainers in the last day were FTX’s FTT token and Terra Classic (LUNC). FTT surged by more than 17% reaching a peak at just over $5, while LUNC is currently trading at $0.000195 after it gained 32%
More and more analysts are beginning to think that the bear market is already over and a new cycle is emerging for crypto. With the upcoming halving event and the buzz around a potential US spot Bitcoin ETF approval, the santiement within the cryptocurrency community is extremely bullish.