Bitcoin Price Surges 11% and Reaches $41,351
The price of Bitcoin increased by 11% in the last 24 hours, reaching a trading value of $41,351. This surge in price has led to a 55% increase in trading volume, with BTC market dominance currently at 52%. One notable evidence of the rising buying pressure is the inverse correlation between Bitcoin and Tether (USDT) stablecoin dominance.
Implications of Decreasing USDT Dominance
According to recent data, there is an inverse correlation between USDT dominance and BTC. This decline in USDT dominance suggests that Bitcoin’s price could continue to rise. If dominance keeps declining, Bitcoin could potentially reach a target price range of $43,000 to $48,000.
Bitcoin Mining Platform Offers Access to Bitcoin Ownership
The significant potential of Bitcoin mining platform is becoming more evident as Bitcoin’s price continues to rise. This platform provides an opportunity for ordinary individuals to own Bitcoin through its stake-to-mine initiative.
Analysts Predict Further Price Surge for Bitcoin
Analysts believe that Bitcoin is currently in the accumulation phase as more investors buy from sellers at the $40,000 level. They anticipate more price surges as sellers become exhausted, with potential resistance levels at $42,000 and $46,000.
Cautious Outlook for Bitcoin Price
However, some traders and investors, like Crypto Tony, predict a correction in Bitcoin’s price as it faces a weekly supply barrier.
Bitcoin Price Driven by FOMO and Greed
With the approval of spot Bitcoin ETFs and the upcoming halving event in April, the key driver for Bitcoin’s price is the fear of missing out (FOMO). Investors are front-running these events, which are expected to kickstart the next bull cycle for Bitcoin.
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