Bitcoin trades with gains as it tries to reach $27,000
Bitcoin is trading with gains as it tries to reach the $27,000 level. Today, on Tuesday, the main cryptocurrency is moving in the $26,900 zone, which implies a rise of close to 1.5%, coinciding with the asset already representing half of the total capitalization of the crypto market.
Volatility levels of Bitcoin are steadily decreasing and this makes analysts wonder if it will be able to conquer the $27,600 area, a level that, if it manages to break it, will be the push Bitcoin needs to be able to reach over $29,000.
However, for the time being, it is still a long way from celebrating this milestone. In fact, last week the asset fell below $25,000.
"Bitcoin´s recent trend remains against it despite the recovery," noted Craig Erlam of OANDA. As he explained, Bitcoin moved slightly higher at the start of the week and continues to do so today. "The move back toward $25,000 may have worried some, but it has recovered relatively well since then."
"The recent trend remains against it and until it breaks the pattern of lower highs (recovery rallies that fall short of recent highs before falling back down) it will continue to look vulnerable. A break below $25,000 could be another blow, although this year's gains would still be extremely healthy," he added.
For his part, analyst Naeem Aslam commented that "the fact that Black Rock is still fully committed to getting involved in the Bitcoin space and is not afraid of the SEC’s recent reaction has given strong confidence to the investors who believe in this space. Additionally, traders are aware that BlackRock has a strong track record of resolving issues with the SEC and that all other major banks, including Goldman Sachs, which has been waiting for a long time to enter the market, will use the product it will offer."
"Overall, we remain very optimistic in this space, and believe a rally might be about to take place. This might be the last opportunity for many investors who have been waiting to make their money in this space," he added.
Bitcoin can boast of iamassing more than 50% of the total market capitalization of the digital asset market, thanks to the fact that the capitalization of the leading cryptocurrency is already $519 billion.
In other market news, Ethereum's price rises, taking it to $1,727, while Ripple drops to $0.4875. Meanwhile, Cardano falls 1% and Solana soars 3%. Tether rises 0.01%.