- The TVL of Bitcoin has witnessed a strong surge over the last few days.
- Bitcoin price is showing potential to break the $72000 mark very soon.
Bitcoin (BTC) is the first successful decentralized cryptocurrency, using blockchain technology for secure, pseudonymous transactions.
Created by Satoshi Nakamoto in 2008, Bitcoin’s supply is capped at 21 million. Miners validate transactions and earn rewards. BTC is used for payments, as a store of value, and for investment purposes.
The market cap of the Bitcoin crypto was $1.397 Trillion at the time of writing. This makes it the world’s largest cryptocurrency by market cap.
The volume/market cap ratio of the coin is 1.95% and the value of the traded volume for the crypto is $26.94B. Also, at press time there are 19.708 Million BTC circulating in the cryptocurrency market.
The price volatility of Bitcoin is medium, resulting in 4.61% which shows stability in the trading price of the crypto. Moreover, the market cap dominance of the crypto is 52.74% and the supply inflation of the crypto is also very low at 1.61%.
The sentiment of the crypto further is bullish and the fear and greed index is at 78 indicating extreme greed among the investors.
Bitcoin Blockchain Data Overview
The Total Value Locked for Bitcoin has been in an uptrend from the last few days and is consistently rising resulting in a TVL of $1.19 Billion at press time.
The total raised amount by Bitcoin is worth $1.0M as per DefiLlama and the recorded fees in the last 24 hours is $4.13 Million. Also, the annualized fees for the crypto have declined by 6.7% in the last 30 days.
Despite this, the earnings of Bitcoin have advanced by 32.7% in the last 30 days. A surge of 17.9% in the active users of the crypto can also be seen resulting in 334.78K users.
BTC Crypto Technical Analysis
Following the surge in the open interest, the price of the BTC crypto has also advanced to significant swing highs.
The price of the crypto might further break above the resistance level as it has been witnessing bullish dominance over the last few days. If the price of the crypto breaks above the most recent swing highs and sustains above the same on the daily chart, a new all-time high price might be witnessed.
A small range has been formed. If the price of the crypto fails to sustain the higher levels and breaks below the consolidation, we might get to see lower levels in the future.
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BTC/USD Chart by TradingView
The 50-day and the 200-day EMAs on the daily chart of the BTC crypto have been trading in a golden cross for a long time. This is further followed by the price of the crypto trading above the EMAs.
The MACD is also giving a strong buy signal on the daily chart and its metrics have advanced above the zero level.
The RSI is also trading at a level of 62.17 at press time and has broken above the 14-day SMA. This further shows bullish momentum in the crypto.
Summary
Bitcoin is showing strong bullish potential, with its price nearing the $72,000 mark. Recent data shows a rise in Total Value Locked (TVL) and increasing market cap dominance at 52.74%. Technical indicators like the golden cross of EMAs, a bullish MACD, and RSI above 62.17 suggest possible new all-time highs.
The support levels for the Bitcoin crypto are $56,600 and $60,200 followed by the resistance levels of $74,000 and $76,000.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
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