Bitcoin, Surge Trigger Activated... 'Countdown' to Break Previous High

▲ Bitcoin (BTC)

Bitcoin (BTC) has ended its boring sideways trend and is attempting to break its previous high, signaling its entry into a new bullish phase.

According to cryptocurrency specialized media FXStreet on April 10 (local time), the total cryptocurrency market capitalization rose by 1.19% over the past 24 hours, reaching $2.45 trillion. The cryptocurrency market successfully weathered a short-term correction phase following rapid growth. The fact that the price solidified above the 50-day moving average is interpreted as the first signal of a mid-term trend reversal to bullish. FxPro Senior Market Analyst Alexander Kuptsikevich emphasized the possibility of an optimistic market reversal.

Bitcoin is cautiously testing its previous high, showing strong resilience by briefly rising above $73,000. This fluctuation signifies entry into a new phase after the gradual uptrend that began in late March. However, a technical challenge remains: to fully break through the 61.8% Fibonacci retracement level of the drop that occurred at the beginning of the year. It is also suggested that selling forces might have temporarily allowed price movements to defend the major resistance level near $75,000.

News of large-scale fund movements by corporations and governments is also attracting market attention. The government of Bhutan transferred 319.7 BTC it held to an external wallet for sale, amounting to approximately $22.7 million. Cango, a listed mining company, sold 2,000 BTC for $143 million in March to repay debt. Conversely, Morgan Stanley is actively absorbing demand from wealthy investors by launching its own Bitcoin spot ETF with reduced fees.

Technological advancements and changes in market data are also evident. The TON network activated its CatChain 2.0 update on April 9, increasing throughput tenfold. Telegram CEO Pavel Durov stated that block generation speed has increased sixfold, and all transactions are processed in less than one second. Meanwhile, according to CryptoQuant data, the trading volume of centralized exchanges recorded $4.3 trillion, a 48% decrease from its peak in October last year, reaching its lowest level in five months.

Institutions continue to provide analyses on future price forecasts. Standard Chartered predicted that Bitcoin could undergo a short-term correction to $50,000 but would recover to $100,000 by year-end. In the long term, it set a target price of $500,000 by 2030. In the market, altcoins such as Dash (DASH) and Zcash (ZEC) are showing strong accompanying gains, with increases of over 16%, stimulating investment sentiment.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*