Bitcoin has climbed up from every major resistance level in the past month. At the time of writing, BTC trades at $48,412 with a 3.8% profit.
BTC on a rally in the daily chart. Source: BTCUSD Tradingview
After weeks in the green, the general sentiment in the crypto market has flipped decisively bullish as sellers seem exhausted and unable to continue their assault.
Director of Global Macroeconomics for investment firm Fidelity Jurrier Timmer believes Bitcoin could retake previous highs and go back to price discovery. In a thread published via Twitter, Timmer compared BTC’s price at different historical moments.
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As seen below, Bitcoin’s current price action is “similar” to the distribution phase experience during February and April. At that moment, BTC’s price seemed stuck but finally moved to the upside. Timmer said:
With the latest rally, bitcoin’s market cap is closing in on the old highs. If we add in the rest of the crypto space, we have reclaimed a market cap of $2 trillion. This is no longer a sideshow, folks.