Bitcoin (BTC) – the most valuable digital currency in the world based on market cap – is building on the weekend’s sharp recovery from the lows of about $5,800, signaling that the consolidation rally has more momentum than what a lot of people assumed to be another “dead cat bounce.”
Bitcoin Price Today: Current Price of BTC
At the time of writing, the premier digital currency is trading at $6,634 after an increase of 4.8 percent in the last twenty-four hours. This is indeed a significant comeback from the new lows the digital currency tested last week. Bitcoin BTC now boasts of a market cap of $113.70 billion and a trading volume of $4.61 billion over the past twenty-four hours.
Bitcoin BTC Price Analysis
After Bitcoin flexes its muscles a little bit, the rest of the market followed suit, as they usually do. A lot of digital currencies are currently deep in the green over the last twenty-four hours and their values are gradually correcting higher.
At the moment, the overall market cap of the entire digital currency market is $270 billion after an increase of over $14 billion in the last few hours. From the look of things, the entire digital currency market may remain strong as the largest digital currency in the world is heading towards the $7k mark, courtesy of the bullish price pattern as indicated by the hourly chart of the coin.
Also, the bullish run of the coin is accompanied by an increase in trading volume. This means the profits look sustainable.
BTC Daily Chart
Bitcoin rose above the downward wedge resistance on Friday, indicating a near-term bearish-to-bullish trend change. Also, a bullish see-through to the inside bar on Sunday only confirms the downward wedge breakout on Friday, and this signals better times ahead for the digital currency. With this trend, the digital currency might test the $7k mark in the coming days.