Crypto market is recovering, Bitcoin (BTC) is considered the driver

The crypto market has continued to recover in the past few hours. Bitcoin rose from yesterday to $ 500 last night and is currently trading just under $ 8,000, which can be seen as the next target.

 

Bitcoin is growing well

The crypto market has continued to recover in the last 24 hours, whereupon Coinmarketcap shows almost constant green numbers. Especially in the Asia trading session, the price went up again properly. It was one of the biggest moves of the year when market cap gained $ 12 billion. It may well be that Bitcoin will see $ 8,000 again soon.

Market capitalization has hit a five-week high of around $ 212 billion. This level was last seen at the end of November, when things looked pretty good before the market dropped to a low of $ 175 billion on December 18. Since the beginning of the year, the cryptocurrency markets have risen by 11.5 percent to just over $ 20 billion, but one should not be too optimistic.

As always, Bitcoin was responsible for the markets going up. In the night from yesterday to today alone, the price rose from $ 7,500 to just under $ 8,000, hitting a 47-day high.

So far, the BTC has grown by almost 10 percent, of which the biggest movement has been in the last 8 hours. As usual, there was a slight reset from this psychological limit at $ 8,000.

Bitcoin’s upward trend follows that of gold, raw materials and oil. A look at the gold chart shows that the price has reached a six-year high.

Tensions have increased since the US airstrike on Iranian targets, prompting investors to move to safer assets, including bitcoin.

After the Bitcoin has been in a major consolidation phase for about six weeks, the bulls now seem to have taken the market in hand.

Bitcoin price increases also often occur when BitMEX has significantly liquidated its positions. Just under $ 8 million was liquidated in the move. If short positions are liquidated, purchases will result, causing the price to rise.

Tone Vays has forecast a short-term price target of $ 8,300. He created his analysis with some trend lines that were broken in shorter periods. He compared the recent upswing to the one at the end of November, adding that this pump alone is not enough to call it a longer-term Bitcoin bull market. He also believes there is still a 60% chance that the Bitcoin price will drop below $ 7,000 again.