Bitcoin (BTC) Price Rises 5% and Looks Ready To Break The $38,000 Hurdle

• Bitcoin, BTC is the first cryptocurrency to be designed to operate on a decentralized blockchain, allowing it to be used as a form of currency and for digital payments without the need for a central authority such as a bank or financial institution.

• The BTC symbol in the market symbolizes Bitcoin. This digital currency has been widely adopted and has attracted interest from users around the world, with El Salvador being the first country to adopt it as legal tender in 2021.

• While digital payments have been around for some time, Bitcoin stands out due to its decentralized nature. Instead of relying on the traditional financial system, Bitcoin transactions are conducted on the blockchain without the need for any intermediary authority.

• What makes Bitcoin different from other assets is that it has a finite supply. Only 21 million bitcoins will ever be created, similar to the scarcity of precious metals such as gold. 

• Bitcoin is created by mining, which is when powerful computers are used by individuals or organizations to solve complicated mathematical problems and verify transactions. Miners get newly minted Bitcoin as a reward for their contribution to the network’s security and processing of transactions.

• Since its inception, Bitcoin has become one of the most popular digital currencies and a highly sought-after investment asset. Its value has fluctuated greatly over time, depending on market demand and investors’ sentiment. 

• Bitcoin’s price has reached many highs and lows over the years. It has consistently outperformed other asset classes such as stocks, commodities and bonds over the last decade.

The price of Bitcoin (BTC) has gone up today!

Bitcoin (BTC) reached an all-time high of $37.496.05 at the end of trading on Thursday, with an all-time low of $23.919.760.410.09 at the end of the same day.

The price has risen by 5.48 percent in the past 24 hours, and by 2.25 percent in the past week. The total circulating supply of Bitcoin is 20 million, and the total market capitalization of Bitcoin is currently $732 billion.

Technical Analysis

Breaking out the Ascending triangle 

The trend has reversed to an uptrend, as the price has experienced higher highs and lower lows. It has broken above a number of key levels, including $30, $32, and most recently, $35,000.

The stock has experienced a period of overboughtness, with a Relative Strength Index (RSI) of 80, and has since pulled back on profit taking before regaining its uptrend. A pullback near $35,000 support could be a potential entry point in the uptrend, with a potential upside to $40,000. 

The MACD Line is lower than the MACD Signal Line, but the RSI is above 55, indicating a bullish trend. The nearest support zone is $35,000, followed by $32,000, then $40,000, and the nearest resistance zone is $38,000.

Historical price

Bitcoin is currently trading at a price of $36.67, making it the No. 1 cryptocurrency in the entire cryptocurrency ecosystem.

The total supply of Bitcoin in circulation is $705.278.989.05, while the total market cap is $19.542.950. The cryptocurrency has seen a significant increase in value over the past week, with an average of $10.37. 

This rapid growth indicates that the cryptocurrency has the potential to become a reliable asset if sustained. The MACD line is below the bearish signal line, while the RSI is above 55, indicating a bullish trend. The next support level is $35,000, followed by $32,000, and the next resistance level is $40,000.

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All Time High

The highest single-day price of Bitcoin (BTC) was recorded in November 2021 (approximately two years ago), when it reached a value of USD 69,044.77.

The current price of BTC is significantly lower than its all-time high, having fallen by USD 45.72%.

All Time Low

The lowest price of Bitcoin (BTC) was $67.81 on July 06, 2013 (more than 10 years ago).

 The current BTC price is 55.167.86% above the BTC price of July 06, 2013.

Price Prediction

Based on the price fluctuations of Bitcoin the average BTC rate in November 2023 will be $41,701,50, based on the volatility of the cryptocurrency at the start of 2023. 

The minimum and maximum BTC price is estimated to be $36,014 and $47,389 respectively. The potential return on investment is estimated to be 30.7%.

News

This Bitcoin-Related Token Surges 100% in a Week as Ordinals Experience Massive Demand

The Ordinals protocol, which is connected to Bitcoin, has seen a dramatic surge in the value of the Ordinals Token (ORDI). Within 30 days, the ORDI has increased by 700%, reaching a peak of USD 22.82, however, it is noted for its volatility.

The Ordinals protocol has enabled the creation of digital artwork similar to Non-Fungible Tokens (NFTs) on Bitcoin through the use of the Bitcoin Core Protocol-20 standard, resulting in the rapid development of meme tokens.

Additionally, the interest in Ordinals has caused Bitcoin transaction fees to rise to an all-time high of USD 15.86, providing miners with substantial profits.

BTC Price Shoots to $38,000 Despite the SEC Delaying Spot Bitcoin ETF Approval

Bitcoin, the largest cryptocurrency in the world, has experienced a significant trend reversal, with the price of the digital currency reaching an all-time high of USD 38,000 on Wednesday, marking the first time it has reached these price levels in the past 18 months, beginning in May 2022.

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Conclusion

In conclusion, Bitcoin continues to captivate global attention as the pioneer in decentralized digital currencies. Its recent surge to an all-time high of $37,496.05 reflects ongoing market interest and the evolving landscape of cryptocurrency.

With a finite supply and a decentralized nature, Bitcoin remains distinct from traditional assets, garnering interest from both individual and institutional investors. Technical analyses suggest a bullish trend, and despite its volatility, Bitcoin’s historical performance has often outpaced other asset classes. 

Recent developments, such as the surge in the Ordinals Token connected to Bitcoin and Bitcoin’s resilience amid regulatory delays, underscore its impact on the broader financial ecosystem. As Bitcoin’s journey unfolds, the cryptocurrency market continues to be dynamic, offering both challenges and opportunities for investors and enthusiasts alike.