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.
Bitcoin Leads Crypto Market Movements
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.”
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.
— Michaël van de Poppe (@CryptoMichNL) July 4, 2022
Elsewhere, Ethereum is trading at $1.146 up 8% in the last 24 hours with a market value of 140 billion dollars.