Bitcoin (BTC) has made a strong comeback, surging back above the $70,000 mark after a tumultuous 11-day period of high price volatility. The flagship cryptocurrency is up by 5.4% in the past 24 hours, currently trading at $70,500 with a market cap of over $1.38 trillion and a daily trading volume of $42.7 billion.
The recent price rally has not only boosted Bitcoin but also brought bullish momentum to the global crypto market capitalization, which is currently hovering around $2.83 trillion. Data from CoinGecko shows that Bitcoin’s resurgence has sparked renewed interest in the market.
Whale activity in the Bitcoin market has also seen a significant uptick, with the number of whale transactions consisting of at least $100,000 worth of BTC surging by 50.7% over the past 24 hours. This increase in whale activity, along with a rise in Bitcoin’s total open interest to $11.8 billion, indicates growing market participation and interest in the cryptocurrency.
Traders are also showing optimism about a potential price surge for Bitcoin, as evidenced by the increase in the total BTC funding rate from 0.01% to 0.02%. This suggests that market participants are betting on a further price increase as the fourth Bitcoin halving approaches.
Renowned author Robert Kiyosaki, known for his book “Rich Dad, Poor Dad,” has also expressed bullish sentiments towards Bitcoin, predicting that the cryptocurrency could surpass the $100,000 mark by September this year. Kiyosaki has even announced plans to purchase 10 more Bitcoins before April, further fueling the positive outlook for Bitcoin’s price trajectory.
Despite the recent market volatility, the Bitcoin Relative Strength Index (RSI) has been showing signs of stability, declining only slightly from 49 to 47 over the past 24 hours. This indicates that Bitcoin is in a good position for a potential price surge in the near future.
Overall, the recent resurgence of Bitcoin above the $70,000 mark, coupled with positive market indicators and bullish sentiment from prominent figures like Robert Kiyosaki, suggests that the cryptocurrency may be gearing up for another significant price rally in the coming months. Stay tuned for more updates on Bitcoin’s price movements and market trends.