Bitcoin’s Surge During U.S. Trading Hours
Bitcoin has experienced an impressive 25% increase in value over the past month, with a significant portion of this surge occurring during U.S. trading hours. This finding comes from a recent report by Matrixport, a leading crypto services provider.
U.S. Enthusiasm Driving Bitcoin’s Rise
Markus Thielen, head of research at Matrixport, highlights the importance of this trend, attributing it to the growing enthusiasm among U.S. investors and institutions. The anticipation of a U.S.-listed spot Bitcoin Exchange-Traded Fund (ETF) becoming a reality soon is driving their excitement. Thielen views this as a significant development in the cryptocurrency world.
The report also reveals the global distribution of cryptocurrency owners. While Asia has the largest number of crypto users at 260 million, U.S. traders and institutions have the most buying power, demonstrating their undeniable influence in the crypto sphere.
Technical Analysis and Predictions
The Matrixport report delves into the technical aspects of Bitcoin’s current rally, highlighting the strong upward momentum that has propelled it past the $30,000 resistance level.
However, the report suggests that this bull run may slow down and advises traders and investors to closely monitor market movements. Based on a proven investment process this year, the analysis predicts that Bitcoin has the potential to surpass $45,000 by the end of 2021.
At present, Bitcoin is consolidating within a contracting triangle on the 4-hour chart. A breakout above this pattern could push the cryptocurrency above $35,000, with possible resistance at $37,000 and $40,000. On the other hand, a downward break could test support at $30,000 and potentially drop further to $28,000. Bitcoin’s current value is $34,042.
The Crypto Market and Bitcoin Dominance
The total crypto market cap has exceeded $1.25 trillion, with trading volume experiencing a massive 99% increase to reach $92 billion across various platforms. Bitcoin leads the charge with a 53% dominance, outperforming even the most volatile altcoins.
Hot Take: Bitcoin’s Surge in U.S. Trading Hours Driven by Enthusiasm and Technical Analysis
The recent surge in Bitcoin’s value during U.S. trading hours can be attributed to the growing enthusiasm among U.S. investors and institutions, who eagerly await the potential listing of a spot Bitcoin ETF. This trend highlights the significant influence of U.S. traders in the crypto market.
Moreover, technical analysis suggests that while Bitcoin’s rally may slow down, there is still potential for it to breach the $45,000 mark by the end of this year. Traders and investors should closely monitor market movements as Bitcoin consolidates within a contracting triangle on the 4-hour chart.
With a total crypto market cap surpassing $1.25 trillion and Bitcoin leading with a 53% dominance, the cryptocurrency continues to outperform other altcoins.
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