Bitcoin’s price has risen from a daily low of $ 40,000 to a high of almost $ 48,000 this month. However, nothing is consistent in this market. A case in point was the king coin, which suffered weekly losses before recovering significantly.
Bitcoin bulls have always argued that the asset’s price will be in six digits by early 2022. Over the past two weeks, Bitcoin price activity has been exciting enough to keep traders and investors in suspense.
The cryptocurrency was eventually retested, breaking the $ 48,000 milestone after hitting nearly $ 45,000 two days in a row. This brought much-needed relief to the market. Mostly because analysts anticipating a breakout celebrated Bitcoin’s push above $ 48,000.
Bitcoin price statistics
BTC is currently trading at $ 48,853.01, a 3.84 percent decrease from its previous high. The trading volume of the coins in the last 24 hours was $ 38,955,484,972, with a market capitalization of $ 918,190,099,655.
Buyers appeared to be focused on gaining greater levels of support, looking towards $ 50,000. Bitcoin’s dominance of outflow has paved the way for a breakout. Bitcoin alternating currents shifted back into outflows in August, according to Bitcoin Glass knot.
The market has gone through a number of phases of dominance of foreign exchange flows over the past year, with the dominance of outflows last seen in late 2020. pic.twitter.com/BQLlw06SJr
– Glass node (@glassnode) August 19, 2021
Withdrawals from BTC indicated both a bullish impulse and an accumulation. In the past year the market has gone through several phases of dominance of foreign exchange flows. The last time outflows were dominated was in late 2020, followed by a bull rally.
The strength of the bulls and long-term owners in pushing BTC above $ 48,000 paved the way to hit $ 50,000. Many bitcoin bulls and commentators have seen parallels between the current market cycle and that of 2015. During this cycle there was a local high for the first few months, followed by a strong rally in the north. If this is the case this time around, the price of Bitcoin could hit a new all-time high or a significant high in 2022.