- The bulls resumed control over the market making Bitcoin to a near three-week high.
- BTC’s market capitalization has increased above $650 billion.
The bulls resumed control over the market making Bitcoin (BTC) to a near three-week high nearing almost $35,000. Moreover, BTC trades above the resistance level for the first time since May. According to CoinMarketCap, the BTC trades at $34,426.87, with a 24-hour trading volume of $20,328,608,436, at the time of writing.
More so, Bitcoin seems to be in danger of further declines after it dropped below $30,000 earlier in the week. However, this level was widely flagged by strategists as potentially spurring further dumps. Notably, the BTC price surged when Musk said he wants Bitcoin to succeed and that his space-exploration company SpaceX Inc. owns some, at “The B Word” conference on Wednesday. Even more, Wood said corporations need to consider adding BTC to their balance sheets, however, Square Inc. CEO Jack Dorsey said the coin is resilient.
Delta Exchange CEO Pankaj Balani said,
“For the first time in many weeks we are seeing bullish signs here and expect Bitcoin to head toward the upper end of the $30,000 to $40,000 range.”
As such, BTC’s market capitalization has increased above $650 billion after dumping below $600 billion earlier this week. Its dominance over the altcoins has also surged slightly to just over 46%.
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