- The cryptocurrency market continued to surge, with Bitcoin surpassing the $44,200 range.
- Robinhood Markets Inc. expands commission-free trading, bringing over 25 cryptocurrencies, including Bitcoin and Ethereum.
The cryptocurrency markets have surged from a period of consolidation, showing an upswing since the commencement of the final quarter. Over the past few days, the crypto sphere witnessed the liquidation of more than $120 million in leveraged Bitcoin positions, propelling the BTC price beyond the $44,280 mark.
Additionally, Robinhood Markets Inc. is gearing up to introduce commission-free trading, aiming to revolutionize the market. Following its successful entry into the UK’s stock-broking arena, the platform is now set to empower European investors by providing access to a diverse range of over 25 cryptocurrencies, including major players like Bitcoin and Ethereum. This strategic expansion aligns seamlessly with the recent surge in crypto prices.
Will BTC Hit $50,000?
Bitcoin’s price is currently scaling heights not witnessed since December 2021. On December 6th, BTC reached a more than 22-month high of $44,282. At the time of writing, BTC is trading at $44,034 with a daily trading volume exceeding $26 billion. The past week has seen a 16.5% surge in the BTC price, marking a significant 166% increase year-to-date.
Delving into technical and market analysis, Bitcoin is currently encountering crucial resistance around the lower $44,000 range. Key support levels have been identified at $43,300, with significant resistance looming at $45,650.
If the trend continues, BTC may reach $44,700, and a sustained bullish trend could propel it even further to the coveted $50,000 mark. Conversely, in the event of a reversal in the current trend, Bitcoin’s price may find initial support at $43,300, followed by subsequent support levels at $42,906 and $41,637.
Further, anticipation surrounds the imminent occurrence of the first weekly Golden Cross for Bitcoin, a phenomenon widely believed to catalyze a fresh upward trend in the coming days.
