With bulls dominating for the last few weeks, the price is up 23.94% in the last 30 days.
The US Federal Reserve’s decision may be a contributing cause to the price surge.
Bitcoin’s (BTC) price nearly hit $36,000 for a short period of time recently, injecting fresh optimism into the cryptocurrency market as a whole. The US Federal Reserve’s decision may be a contributing cause to the recent uptick.
The decision by the United States Fed to postpone interest rate rises may have contributed to BTC’s price spike to around $36,000, despite more rate hikes are still likely.
Perhaps also contributing to the rise in price is MicroStrategy’s recent purchase of 155 BTC, bringing the total value of their Bitcoin holdings to almost $5.5 billion. The corporation first began investing heavily in Bitcoin (BTC) in August of 2020, allocating $250 million. They have steadily increased their Bitcoin holdings since then.
Further Surge Likely?
At the time of writing, BTC is trading at $35,271, up 2.28% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 77.06%. With the bulls dominating for the last few weeks, the price is up 23.94% in the last 30 days.
Source: CoinMarketCap
Several analysts are now confident in Bitcoin’s short-term prognosis after the cryptocurrency broke over a significant, multi-year resistance mark. While a rise above $40,000 is possible, Bitcoin will likely need to maintain support at the critical level of $33,200. If bears bring the price below this level, then the price will likely test the $29,400 mark.
Bitcoin bulls must thus protect $33,200 and make it the new support level for BTC if they hope for further price appreciation. In the following weeks, if this level remains as support, BTC is likely to surge to test the $38,000 level.