Within 24 hours of breaking the $ 23,000 resistance, Bitcoin resumed trading for more than $ 24,000.
Bitcoin, which was trading at $ 23,800 at the time of the press, led a broader rebound, with the global crypto market regaining a market capitalization of $ 1 trillion.
Breaking through $ 24,000 is only about a 5% increase in the last 24 hours, but when zoomed out, Bitcoin has recorded an increase of over 32% in the past month. Percentages seem to have little effect on how the market perceives Bitcoin prices, as breaking through psychological barriers with strong resistance seems to be the main trigger for price-raising behavior. ..
As previously mentioned in CryptoSlate, Bitcoin seems to be riding the wave of risk-on-mood emerging across the global market. Major Western indices recorded a significant rise last week, causing bullish sentiment further fueled by the depletion of the dollar index (DXY).
The news of a 75bp rate hike and the US plunging into a technological recession did not delay Bitcoin’s recovery. $ 24,000 appears to be a strong level of resistance as Bitcoin struggled to maintain its level on July 20th.
And while the eyes of the global market are all pointing to Bitcoin, Ethereum is regaining its value at a much faster pace. Ethereum’s price has risen by more than 95% since it fell to just over $ 900, the lowest in two years on June 18, and is trading at just over $ 1,700 at the time of the press.
Most of Ethereum’s strengths are underpinned by the release of The Merge’s soft timeline, as it predicted that the network would move to Proof of Stake (PoS) in mid-September.
The combined rally of most major coins pushed up the total crypto Market capitalization It exceeds $ 1 trillion for the first time since June 20, 2022.
