Today, as of recent market trends, stands as one of the greatest days for bitcoin since March 2022 (11 months ago) as it comes off the back of terrible macroeconomic data and equities only moving up marginally. However, according to a Reddit user, it could also simply mean a crypto-fueled pump, with not many external factors helping to raise it. External forces are working against the crypto space, particularly the SEC FUD and CPI FUD, as well as the overall macroeconomic doom and gloom, according to the Reddit user.
There are two possible interpretations of this. Bitcoin and cryptocurrency, in general, have gained traction and popularity and are as a result exploding upwards on no good news as per the Reddit analysis. However, the analyst warns that it could be a bull trap, in which case BTC could revisit 20,000 dollars in the near future as greedy longs are liquidated in a famous flash crash.
How is Bitcoin doing today as per the charts?
Bitcoin’s price seems to be regaining its upward momentum, as it has increased by about 10 percent in the previous twenty-four hours after making a few more bullish signals over the past few days. BTC has had a price increase of 9.09% during the last twenty-four hours as of the time this article was written. It is now trading at $24,547. As of the time this article was written, the market capitalization of BTC has increased by 8.9%, bringing it to a total of $473,448,870,554 dollars.
According to CoinMarketCap, Bitcoin’s trading volume increased by 29% during a 24-hour period, bringing the total amount traded in Bitcoin to $36,142,230,314 as of the time this article was written. Bitcoin has a quantity that is currently in the circulation of 19,292,556 Bitcoins.
Will bitcoin go all the way?
Benjamin Cowen, a well-known specialist on cryptocurrencies, has issued a warning to investors that bitcoin (BTC) is now flashing an ominous indicator that may portend a fall similar to the one that occurred when the dot-com bubble burst.
Cowen had just uploaded a video to his YouTube channel in which he informed his 784,000 followers that bitcoin is now undergoing a weekly death cross for the first time in the history of the cryptocurrency, which was a potential indicator of a bear run. However, based on the extreme volatility of crypto assets and the uncertainty behind Bitcoin, it is hard to tell exactly where the asset will be trading at any specific time.