Bitcoin (BTC) has once again created history. The oldest cryptocurrency trading at $ 110,792.90 until the news was written on May 20 broke their old record $ 109,114.88 and set a new all -time high of $ 111,861.22. Bitcoin Value This bounce has been extremely exciting for Crypto investors. Currently the market cap of BTC has reached $ 2.2 trillion, which again proves it the world’s most valuable digital assets.
BTC’s low $ 106,127.23 and high $ 111,861.22 within 24 hours, indicating that prices are rapid fluctuations. If BTC compare its All Moment Low $ 0.04865 (2010), it has been recorded by about 227 million percent so far. This makes it clear that BTC has not just a digital currency, but an asset class.
Coinmarketcap According to the chart, BTC has shown a jump of about 6.4% in the last week, most of which has come from the US, Japan and Korea. The BTC/USD trade pair has been the most active.
Technical pattern seen in charts:
This data indicates that the BTC may see further faster, especially if it breaks the resistance of $ 113K.
Bitcoin Pizza Occasion Bitcoin made new high
The boom in the price of BTC has come today on the day when it is a special day related to Bitcoin, in fact today Bitcoin Pizza Occasion Which is, 22 might is celebrated every year by the community of BTC. On this day in 2010, for the first time, Bitcoin transactions took place in Real World, where a programmer exchanged 10,000 BTC for two pizza, which proved that crypto could also be used from online forums.
The main reason behind the rise in BTC price
I believe that an experience Crypto writer, I believe that a major reason for the rise in the price of this world’s biggest cryptocurrency is the boom in institutional investment. Large companies like Microstrategy, Tesla and Ark Make Investments are constantly buying Bitcoin. In April and May alone, Microstrategy bought around 15,000 BTCs, which strengthened the shopping atmosphere in the market.
On the other hand, positive policies about Bitcoin are being adopted in countries like America and Taiwan. The US plans to increase BTC holding parallel to its digital dollar project. At the same time, Bitcoin Secure Invice has been introduced in Taiwan’s Parliament, which can lead to adoption of BTC at the state level there.
In India too, the Supreme Court has directed the government to formulate a concrete policy on crypto regulation. If this happens, the demand for BTC in a huge market like India may increase further.
Another reason for this is Donald Trump’s crypto dinner table, in which he has called the top holders of his token Trump to dinner. This news also has a positive atmosphere in the Crypto market.
Conclusion
According to BTC’s recent moves and technical indicators, if the purchase pressure remains and there is a $ 113K resistance break, the next target may be $ 120K and then $ 150K. But for this it is important that the policies of big economies like America and China remain cooperative, institutional investment and user remains confident and no major negative news or government ban comes. Also, increased events can also play an important role in Bitcoin Value.
Also read:Stablecoin of Global Sovereign Monetary will be listed on binance
