The bullish mood remains on the cryptocurrency market as almost all coins from the top 10 list are in the green zone. XRP is the only exception to the rule, declining by 1.40%.
Market capitalization keeps booming and has increased by $84 billion over the last day, now making up $954 billion.
The relevant data for Bitcoin today:
Market Cap: $647,057,384,446
Volume (24h): $71,496,479,341
Change (24h): 8.55%
The data is relevant at press time.
BTC/USD: Can one expect a correction before a move to $38,000?
Bitcoin (BTC) keeps setting new highs. The rate of the chief crypto has surpassed the $35,000 mark. The growth since yesterday has made up 8.54%.
On the hourly chart, one might expect a short-term decline to the liquidity zone around $34,000. Such a move is confirmed by the low trading volume.
However, it is not the start of the long-term decline but just a correction before further growth.
On the longer time frame, the situation is similar; however, the drop may be more profound: up to $33,300 if bulls do not fix above $35,000 from the first attempt. Such a scenario is relevant until the end of the week.
From the long-term perspective, Bitcoin (BTC) needs to accumulate power to keep rising higher. In this case, the more likely price action is trading sideways in the range of $33,500-$34,500.
Bitcoin is trading at $34,675 at press time.