In a sudden price jump after days of static movements, BTC went past the $45,000 trading level, sending major signals for the next crypto bull run.
The crypto market witnessed an optimistic price jump just a few hours after the new year’s day. Bitcoin was trading in a stagnant range in the last days of December. In the early hours of January 2, it staged a price breakout and raced past its resistance levels. Bitcoin’s rally has sparked hopes for the next crypto bull run shortly.
Along with BTC, multiple tokens also surged in the last 24 hours with higher returns. ETH broke its $2,300 resistance level and is currently trading above it. Its market cap has exceeded $285 billion, helping the overall crypto market cap increase. Solana, BNB, Avalanche, and XRP saw significant gains as well.
Analysts said the price pullback and minimal dip at the end of 2023 was a positive sign for the industry. Traders and investors could have booked profits after the year’s massive gains, leading to a buyers’ opportunity now. If BTC consolidates above $45,000 during the week, the upcoming spot Bitcoin approvals could help it rise to $50,000. In the meantime, BTC may have to stay ahead of its 20-day moving average to sustain investors’ sentiments.
Bitcoin is currently trading at around $45,400 on January 2, 2024, with BTC/USD trading higher by a margin of 7.1% in the last 24 hours. Bitcoin’s market cap was trading at around $889 billion.
BTC/USD is trading higher than its 20-day EMA (43,051.08), as BTC’s 24-hour volume was at around $25 billion. The crypto market cap increased by around 5.64%, trading above $1.74 trillion. BTC’s year-to-date returns are above 8.28%.
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