Bitcoin, the largest cryptocurrency in the crypto market by market cap, increased by 10.4% today and regained the psychological $20,000 level. In addition, Bitcoin (BTC), which was not satisfied with this, managed to rise above $ 21,000. Investors' interest in Bitcoin is still ongoing, and if it breaks the critical resistances, there could be a major breakout.
Bitcoin is currently trading around $21,286 and is up about 10.4% compared to yesterday. On a weekly basis, it rose 4.4%. Bitcoin, which fell to $ 18,510 on Wednesday, started to recover rapidly today and regained the psychological level of $ 20,000. It even rose above it by regaining $21,000.
Bitcoin must break the $22,000 and $23,000 resistances to continue higher. Especially if it can break $23,000, there could be a breakout and it could run higher.
Bitcoin Dominance (BTC.D) has dropped to 38.8% this week as investors have started to leave Bitcoin recently. A similar situation happened in September last year, with investors leaving Bitcoin, and Bitcoin Dominance fell below 40% in September 2021. Then, as investors started to return to Bitcoin, the bull run started and Bitcoin entered an bulish trend and hit new ATHs in October and November.
There are similarities between the current chart and last year's chart. With the end of the summer, investors seem to be returning to cryptocurrencies again. Bitcoin is leading the recovery of the crypto market with its rapid rise today. If the buyers continue to rise and the bulls can take the initiative back, it could end the bear market and trigger the bull market in the coming days. It's a little early to tell for now, so we'll have to wait and see.
This is not investment advice, I'm just sharing my own opinions. You should do a good research before investing.
My personal opinion is that the bull market is very close, what do you think?
