BTC price direction moves upward as it crosses $71,000

  • March 11, 2024
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Crypto bulls were heavily active in the market, which was evident from the sudden surge in the BTC price direction, with a breakout at $71,000.

The crypto market witnessed a steep upward curve in the BTC price direction over the last 24 hours. Bitcoin zoomed over $71,000, with a new support level likely at $70,000. The next few hours in the market would be crucial as crypto bulls could attempt to defend BTC’s support. A more prolonged rally in the market is highly probable if they succeed.

On the other hand, other altcoins are also benefiting from Bitcoin’s rally. ETH has finally gone over its resistance at $4,000. It has to consolidate over the mark this week to sustain its rally. Meanwhile, Ethereum’s market cap is also moving closer to $500 billion. In hindsight, seven-day gains of tokens like BNB, SOL, DOGE, SHIB, and MATIC have all been in double digits.

With Bitcoin’s surge, the global crypto market cap is hovering just below $2.7 trillion. With the crypto market indicators turning positive, a $3 trillion market cap is also possible shortly. Moreover, Bitcoin’s big returns could lead to investors flocking to the crypto market. As a result, crypto could assume a unique role in 2024 as a top investment asset class.

BTC/USD 1D price chart

Bitcoin is currently trading at around $ 71,000 on March 11, 2024, with BTC/USD trading higher by a margin of 2.3% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.4 trillion in the last 24 hours.

BTC/USD is trading higher than its 20-day EMA (58,161.26), as BTC’s 24-hour volume was at around $47 billion. The global crypto market cap increased by around 1.92%, trading above $2.69 trillion. BTC’s year-to-date returns are at 69.54%.

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