Bitcoin’s latest push has pushed the market cap past the $ 1 trillion mark, a milestone first seen in February.
The leading cryptocurrency is up 5.91% in the last 24 hours to hit $ 54,517 with a capitalization of $ 1.03 trillion during intraday trading, according to CoinMarketCap.
Santiment believes that Bitcoin’s dominance and price have been driven by an increase in token circulation. The chain metrics provider explained:
“Bitcoin’s dominance has risen sharply in recent days, breaking $ 54.6k for the first time since May 12. Our NVT token circulation model indicates that October is the first month we have seen a bullish divergence since February. “
Santiment previously stated that the price of Bitcoin could witness an increase given that its circulation had reached the levels last seen in July. The notion put forward was that the price of Bitcoin is usually marked when circulation increases.
Will an ATH price be seen in the Bitcoin market soon?
According to Lex Moskovski, the CIO of Moskovski Capital, said:
“A record amount of Bitcoin has moved in the last 2 weeks. Something is brewing. Gun to head, ATH can happen sooner than we think. “
Therefore, Moskovski believes that the record BTC transactions witnessed could trigger the price, given that an all-time high (ATH) price of $ 64.8K was set in mid-April.
By scaling above the $ 52K level, Bitcoin was able to break out of a significant resistance area. Data analytics firm IntoTheBlock said:
“Bitcoin breaks the $ 52K barrier once again for the first time since September 7. The IOMAP reveals strong support just below $ 50K as it approaches a highly contested area around $ 52,938. In this range, more than 353.78K addresses previously bought 212,000 BTC. “
On the other hand, the market analyst under the pseudonym CryptoHamster noted:
“Bitcoin has broken the resistance line and the descending triangle (to the upside). Generally, it is a very bullish signal. Altcoins are also supporting this growth, but you have to watch out for false breakouts. It would be nice to see the retest and rejection. “
CryptoHamster believes that Bitcoin should retest the $ 51K level for a breakout to be fully confirmed.
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