Overcoming $ 1 trillion in Bitcoin’s market cap is a bullish sign
- After Bitcoin’s market cap last week exceeded $ 1 trillion, it looks like a revival of the bull season.
Since our last analysis, a lot has changed on Bitcoin market when it overcame resistance to $ 48,400 in just a few days. This price break subsequently started further growth and a consolidation in the $ 52K area was only for a short time.
The bull impulses were much stronger even without outside news (such as Tesla), because BTC has just exceeded the $ 1 trillion market cap in these times, which is historically a very important milestone for all investors and traders.
At present, therefore, in addition to the price of Bitcoin, it is very important to monitor the value of the market cap, because it is highly likely that the bulls will want to maintain this $ 1 trillion limit as a significant and psychological support. Conversely, if it falls below this value, a deeper correction is possible.
At the time of writing, Bitcoin’s market cap is around $ 1 trillion.
Technical analysis also says:
- Probable support area N.2 $ 46K – $ 50K
- Probable support area N.1 around $ 42K
- Key support in the area of $ 28K – $ 30K
- Current resistance at $ 58K
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