The Bitcoin price rally displayed no signs of selling activity while BTC’s market cap breached $ 1 trillion, releasing renewed targets for bulls in the market.
The global crypto market cap went closer to crossing $2 trillion with the latest Bitcoin price rally. After Bitcoin crossed $50,000, it went further ahead with more support from bulls. After almost crossing $52,500, it has slowed down a little and is trading above $52,000. The level may become its support for the weekend ahead, while bulls could attempt a price breakout to $55,000.
Meanwhile, at the current rate, the Bitcoin price rally could even extend to $69,000 before the BTC-halving event. The demand for BTC has spiked while sell-offs didn’t activate in large numbers.
Moreover, the recent inflation data in the US, which stated how inflation rates had increased, did not dent the Bitcoin price rally.
The report from the government said the U.S. Bureau of Labor Statistics reported how the Consumer Price Index for All Urban Consumers (CPI-U) had increased by 0.3 percent in January on a seasonally adjusted basis, after rising 0.2 percent in December.
Historically, the CPI report in the US has been a trigger for the crypto market. This time, there was no stopping Bitcoin from going upward despite a hike in inflation.
BTC/USD 1D price chart
Bitcoin is currently trading at around $52,000 on February 15, 2024, with BTC/USD trading higher by a margin of 3.9% in the last 24 hours. Bitcoin’s market cap was trading at around $1.02 trillion.
BTC/USD is trading higher than its 20-day EMA (44,185.49), as BTC’s 24-hour volume was at around $44 billion. The crypto market cap increased by around 5.16%, trading above $1.92 trillion. BTC’s year-to-date returns are at 23.60%.
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