A macro-driven system trapped the world’s most popular cryptocurrency. Traditional finance has been suffering from inflationary pressures, which has contributed to Bitcoin’s safe-haven narrative.
The price of the flagship crypto-asset found support above the $36,250 mark after a downside correction. After a base was formed, Bitcoin bulls began a new upward trend.
It was evident that the $38,000 and $38,500 resistance levels had been broken.
It is difficult for bulls to gain strength above $40,000, however. In the short term, gains could be accelerated if we close above this level.
Decent support is the price band of $39,250 on the downside. The next key support is near $38,500, below which the price could test $37,800.
Bitcoin’s market value surged to $753.6 Billion, or 48.71% of the total crypto market value.
At its highest price levels, Bitcoin’s market valuation was $1.184 Billion. During the day’s trading, the most prominent cryptocurrency ranged from $38,946 to $40,295.
In the last seven days, Bitcoin’s value has risen 34.41%. According to Coingecko, the volume of the flagship crypto asset traded on the day reached $36.6 Billion, representing 37.6% of the total value of crypto assets.
Currently, Bitcoin is down 37.79% from its all-time high of $64,778.04 set on April 14.
Experts expect an increase in price above $50,000 to further spur fresh flows and change the market’s broader trend.