Within the increasing trend of the bitcoin price since the beginning of March, a rally in the last hours of Monday, March 21, led to breaking the resistance of USD 42,000. At the time of writing, BTC is hovering around $43,000, its highest level since March 3.
Of the price range between USD 37,000 and 42,000, which has been in force in the last month, in recent days the price has not fallen below USD 41,000. This suggests an increase in its support line, since until the beginning of last week the level of USD 37,000 remained the current support, according to what was reported in this medium.
However, a larger observation window would be needed to confirm the limits of the new price range. If it is confirmed that the support level has increased, we would be facing a sign that would confirm that investors see an increase in the value of the asset and expect that it will continue to increase in price.
Although not yet in the green, bitcoin recovers
Regarding the behavior of the price of bitcoin in the year, this still remains in the red, although the drop in the first quarter is 10% so far. Regarding the historical maximum of USD 69,000 of last November 10, bitcoin shows a decline of 36.39%.
The market capitalization of bitcoin went from USD 777 billion to USD 816 billion, while the value of the cryptocurrency market rebounded from $1.86 trillion to $1.94 trillion in the last 24 hours, according to the CriptoNoticias price index. With an increase of just 3%, the market value of cryptocurrencies would again exceed 2 trillion dollars.
The recent rise in the price of bitcoin could be due to the interest of institutional investors, which has shown no signs of abating in this prolonged correction. This Monday the first acquisition of bitcoin options by the investment bank Goldman Sachs was announced, as reported by CriptoNoticias.
This announcement not only confirms the interest of traditional financial institutions in bitcoin and cryptocurrencies, it is also an initiative that joins the growing interest of companies in bitcoin as a treasury reserve, and of investment funds that diversify their portfolios through the cryptocurrencies.