- There has been a significant 25% increase in the value of Bitcoin in the last month. Interestingly, this rise occurred mostly during US trading hours.
- Although Asia hosts an impressive 260 million crypto users, the buying power of US traders and institutions exceeds them all.
- Matrixport’s report also touches on the technical aspects of Bitcoin’s current rally, noting the strong upward momentum that is pushing Bitcoin above the $30,000 resistance.
Bitcoin price has managed to attract attention again by exhibiting a significant price increase recently: The investors who caused this rise may be from the USA!
US Investors Ignite Bitcoin’s Rise
Over the past month, Bitcoin has seen a notable increase in value, with a remarkable 25% surge. Interestingly, this rise primarily occurred during US trading hours, as per the latest research report from leading crypto service provider Matrixport.
Matrixport’s Research Chief, Markus Thielen, emphasizes the significance of this trend, attributing it to the growing enthusiasm among US investors and institutions. In response to this excitement, they are quickly anticipating the arrival of a US-listed spot Bitcoin Exchange Traded Fund (ETF) in the near future. Thielen highlights that this development marks a significant step in the world of crypto.
The Matrixport report sheds light on the global distribution of crypto holders. Despite Asia having an impressive 260 million crypto users, the purchasing power of US traders and institutions surpasses them all, undeniably displaying their impact on the crypto world.
The Matrixport report also delves into the technical aspects of Bitcoin’s ongoing rally, highlighting the strong upward momentum that pushed Bitcoin beyond the $30,000 resistance. However, the report suggests a potential slowdown in this bull run and advises investors to closely monitor market movements. Based on a solid investment process that has proven successful this year, the analysis underscores Bitcoin’s potential to surpass $45,000 by the year’s end.
Resistance levels for Bitcoin
As of the time of writing, Bitcoin is currently consolidating within a narrowing triangle pattern on a 4-hour chart. A breakout from this pattern could lead to Bitcoin retesting the $35,000 level, with potential resistance points at $37,000 and $40,000.
Conversely, a downward breakout could test the $30,000 support level, potentially leading to further declines targeting the $28,000 level. Bitcoin is currently at $34,300.
The total crypto market cap has surpassed $1.25 trillion, experiencing a staggering 99% increase with a $92 billion increase in trading volume across various platforms. With a dominant market share of 53%, Bitcoin leads the way, surpassing even the most volatile altcoins.
