BTC Surged over $70k!
Bitcoin (BTC) is a digital currency that operates on a decentralized network and utilizes blockchain technology to record transactions. It was developed by an individual or group known as Satoshi Nakamoto, and the first block was mined in January 2009. The blockchain is a public ledger accessible to everyone, allowing for transaction verification.
Miners play a crucial role in verifying transactions and are rewarded with Bitcoin and transaction fees. The total supply of Bitcoin is capped at 21 million coins and can be divided into eight decimal places. To use Bitcoin, a wallet is necessary, consisting of a public key for sending and receiving payments, as well as a private key for wallet control. Bitcoin has various applications, such as everyday transactions, storing value, or investment purposes.
The price of Bitcoin (BTC) surged above $70k again on 10 March 2024 before falling back to around $69.400. On-Chain data analysis looks at how recent changes in investor sentiment might affect BTC’s chances of hitting $75k next week.
BTC Price Today
Bitcoin (BTC) is currently selling at $71,834.32, with a 24-hour trading volume of $67,906,084,888.85. This indicates a price rise of 6.65% over the last seven days and 4.72% over the previous 24 hours. With 20 million BTC in circulation, the market capitalization of Bitcoin is $1,411,683,570,382.
Price History
Based on the most recent data collected, Bitcoin is currently priced at $71,834.32, making it the top-ranked cryptocurrency in the entire crypto ecosystem. The circulation supply of Bitcoin is $1,411,683,570,382, and it has a market cap of 19,651,462 BTC. Over the past 24 hours, the value of Bitcoin has increased by $2,878.51.
In the last 7 days, BTC has experienced a positive upward trend, resulting in an 8.24% increase. This indicates that Bitcoin has been performing well and presents a promising opportunity for investment.
Over the course of the previous month, the price of BTC has surged by 53.08%, adding an impressive average of $38,389.73 to its current value. This significant growth suggests that Bitcoin has the potential to become a stable asset if its upward trajectory continues.
Bitcoin (BTC) hit its lowest price at $67.81 on Jul 06, 2013, over a decade ago. Today, the current price is a whopping 106,098.84% higher than that record low.
The all-time high price for BTC was $72,710.68, reached on Mar 11, 2024 (approximately 7 hours ago). At present, the current price is 0.96% below this record-breaking value.
Technicals
It has displayed signs of strength as it retests above a crucial horizontal support level. This retest suggests a potential continuation of the bullish trend in the cryptocurrency market.
Looking at the 4-hour Bitcoin/USDT chart on Binance, we can observe that Bitcoin is currently in a consolidation phase within a horizontal channel. The upper boundary of this channel is around 69,000 USDT, while the lower boundary is approximately 67,000 USDT. The ascending trendline indicates a positive market sentiment, suggesting potential upward movement if the trendline remains intact.
Traders might want to consider opening a long position if Bitcoin bounces off the trendline, with the aim of reaching the resistance zone before exiting. On the other hand, if the trendline is broken, it could be a signal to open a short position, targeting the lower support level as an exit point.
It is important to confirm any trades with volume, as it serves as a crucial indicator for breakout or breakdown validity.
Also Read–> PEPE Surged over 700% by last month!
Price prediction
According to crypto analysts, the average BTC rate in March 2024 is predicted to be around $72,236.50, with the minimum price at $69,978 and the maximum price at $74,495. The potential ROI is estimated to be 3.2%.
