Bitcoin Market Cap Returns To $1 Trillion As BTC Price Surges Above 55K

The current BTC price bull run as seen the big crypto bush shoulders with $55K. Bitcoin’s market capitalization has once again returned to over $1 trillion. The IOMAP shows that BTC sits on strong support around $53,200. BTC price is trading at $54,329 with a bullish bias after rallying approximately 7.25% over the last 24 hours with a daily trading volume of $47,531,927,866 which has itself increased by 25% over the same period. Bitcoin price has surged more than 26% over the last seven days. This rally that began on September 30 has seen the bulls push the big crypto from a low of $41,444.58 on September 30 to brush shoulders with $55k on Wednesday. This represents a rally of about 36% that has seen Bitcoin’s market capitalization increase by approximately 26% from $824,619,217,608 on September 30 to the current value around $1.025 trillion according to data from CoinMarketCap. BTC Market Cap Chart Bitcoin’s market cap took a breather at around $988 billion on September 06 before the BTC price plunged to below $43,000 during the September 07 crypto market flash crash. This is the first time on five months that the market capitalisation of the flagship cryptocurrency has surged above the $1 trillion mark. The last time the BTC’s market value was above this mark was in May 11 at $1.062 trillion. Before then, Bitcoin’s market cap was oscillating above and the below the $1 trillion mark before May’s bearish leg. BTC Price Sits On Strong Support Around $53,124 Technical indicators could bolster investors to buy Bitcoin as they show that BTC price sits on strong support at the moment. There are a number of factors that validate this outlook. To begin with, Bitcoin is sitting on strong support provided by the Simple Moving Averages (SMA) with the 50-day SMA at $47,218, 100-day SMA at $42,520 and the 200-day SMA at $44,996. These support areas are robust enough to keep Bitcoin bullish in the long-term. In addition, BTC/USD price immediate support around the $53,124 area is strong and daily closure above this level could see big crypto rally towards…

Source: Bitcoin Market Cap Returns To $1 Trillion As BTC Price Surges Above 55K

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