In a surprising turnaround, the crypto market has turned green in recent days after being red for most of last week. Bitcoin briefly surpassed $20,000 on July 5th following its recovery from near exhaustion just two weeks ago when it dropped below the critical $20,000 mark.
The crypto market capitalization has climbed from $864 billion to over $914 billion in the last 24 hours, meaning that an inflow of $50 billion has entered into this space.
The move reflects a 5.78% climb over the last day, with a total crypto market volume in the previous 24 hours being $58.94 billion, making a 54.81% increase.
The celebration of Independence Day in America and other national holidays elsewhere across the world caused a number of traditional investment markets to be closed.
Cryptocurrency investors continued to access their cryptographic9o997⅞ wallets and make purchases of Bitcoin00 PPP and other crypto assets, despite the holidays.
When an asset is in the process or has been suffering from a prolonged and severe decline, it's normal practice for individuals to examine charts looking at different indicators on how much further they may fall.
With Bitcoin, we now have a large number of these types and technical indicators that forecast precisely this development.
Currently, the price of Bitcoin is trading at $19,754, up 1.43% in the last 24 hours, although down 3.79% over the previous week, at the time of publication.
Bitcoin 1-day price chart. Source: CoinMarketCap
Bitcoins market cap skyrocketed by over $20 billion in a day, with Bitcoin's total market cap at $385 billion.
Crypto trading analyst Michael van de Poppe noted that if there's a chance of flipping $20,000 then he would be looking at Bitcoin's price target near $28,000.
"Bullish divergence on the daily timeframe for Bitcoin on the CME futures. Flipping $20K and we'll be good to go towards $23K and the summer relief rally. Finally."
Elsewhere, Ethereum is trading at $1.146 up 8% in the last 24 hours with a market value of 140 billion dollars.