Bitcoin erased all its losses in the last couple of weeks, rebounding to above $69,000 during the latest weekend crypto rally, while several altcoins also witnessed price jumps.
Crypto market sentiments are at a high on April 7, which is an optimistic surprise for all stakeholders. Historically, movements are static, while volumes are low on weekends. However, the current weekend crypto rally broke all norms, helping Bitcoin rise to above $69,000. If bulls succeed in holding this momentum, a broader rally could take place in the upcoming week.
The reason for the weekend crypto rally is still not evident, but most analysts held positive outlooks for the crypto market. As a result, crypto market sentiments could have improved in the last two days. Meanwhile, BTC has not dipped below $50,000 since February 2024. This could mean it has fully consolidated above the level and will only rise further this year.
Moreover, a popular crypto analyst recently published a note saying, “I suspect we are just getting started with Bitcoin in 2024. An irrecoverable debt spiral is underway, and Bitcoin is a global solution to insulate yourself from the debasement that is 100% guaranteed to come.”
Hence, Bitcoin, as a safe and reliable asset class, has gained the trust of a considerable number of investors worldwide. This trend will likely continue for the long term.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,300 on April 7, 2024, with BTC/USD trading higher by a margin of 2.2% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.36 trillion in the last 24 hours.
BTC/USD is trading lower than its 20-day EMA (68,446.51), as BTC’s 24-hour volume was at around $20.54 billion. The global crypto market cap increased by around 2%, trading above $2.59 trillion. BTC’s year-to-date returns are at 61.29%
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