Bitcoin (BTC) jumped from a daily low of $44,161 to record a new daily high of $47,348, seeing a gain of over $3,000 over the past 24-hours. The top cryptocurrency managed to bounce back from the key support level of $43,935 and just a couple of rallies away from setting a new 3-month high above $48,000.
The immediate resistance for the top cryptocurrency lies just above $48,000 breaking which it could see the price breeze through $50K with ease. BTC has rallied nearly 63% from the July low but faces key technical hurdles before it could retest ATHs above $64K. The top cryptocurrency has faced rejection at $48,000 on a couple of occasions while $47,000 is still acting as a key resistance.
The crypto market also moved out of a three-day-long bearish trap as the market cap surged above $2 trillion again. Along with Bitcoin, most of the altcoins also surged in green, gaining anywhere between 5%-20%. Cardano (ADA) became the second altcoin after Solana hit a new ATH above $2.50 and more crypto tokens prepare to test their previous ATHs.
Bitcoin Surges in Wake of Bullish Institutional News
The bitcoin price surge was attributed to a number of announcements by leading financial giants including BlackRock and Wells Fargo. BlackRock, the world’s largest asset manager revealed $382 million in Bitcoin mining stocks while Wells Fargo registered a private Bitcoin Fund. Both the financial giants in the past have been critical of Bitcoin, but like many others, they have also surrendered to its surging demand.
Santiment data indicated that the crowd sentiment has turned bearish due to the three-day-long bearish dominance and many expected the price to fall further. However, historically BTC price has pumped when the market least expects it.
The top cryptocurrency needs to break past the $50,000 resistance first and later need to clear $51,000 levels as it might pose a challenge being the April high. The second leg of the bull run has begun and two altcoins Solana and Cardano have already reached new ATHs. Thus it is only a matter of time before Bitcoin and other altcoins follow the same.