Bitcoin Price Up 3.41% – Time to Buy BTC Coin?

Bitcoin has maintained its dominance in the crypto market for over ten years, and recent rallies have seen it solidify its position even more. 

In the past 24 hours, the leading digital asset has continued in its bullish streak, hitting a new all-time high (ATH) as more investors rush to buy BTC.

This article examines the premier digital asset’s technical and fundamental performances so far.

BTC: Darting Beyond The $65,000 Barrier

Currently, Bitcoin trades at $68,029.98, a record figure for the foremost decentralised virtual currency. It is up 3.41% in the past 24 hours and 10.53% in the last seven days. In the aspect of market dominance, Bitcoin tops the chart with a 43.65% share of the booming crypto space. Market capitalisation is also rocket high and stands at $1.29 trillion, up 3.14% in the last 24 hours. 24-hour trading volume is surging and stands at 17.96%, with a dollar valuation of $40.6 billion.

Following its run of form to $65,000 in mid-April, Bitcoin has attracted retail and institutional investors. Its price performance has largely dictated the overall tempo of the market, with major rallies and dips orchestrated by the benchmark crypto. This saw it lose more than 50% of its value in the post-May market crash. However, the premier digital asset is back to its best turn of form in the last few days. BTC previously hit an all-time high (ATH) of $68,641.57 and is currently 0.5% below its personal best.

With more mainstream interests interfacing with the blockchain-based economy, market experts and crypto advocates alike believe that BTC could touch the $100,000 mark before the year ends. With so much growth potential ahead, this could be a great time to buy BTC.

BTC Technical And Fundamental Analysis

The technical and fundamental datasets give us greater insight into the true performance of the world’s oldest virtual currency. At press time, BTC is soaring above the 20-day moving average (MA) support price of $62,200.21. This is almost a $6,000 cushion between it and a hard market reset.

The 200-day MA price is also close and is pegged at $62,103.52, pointing to more bullish momentum in the nearest future. The 14-day relative strength index (RSI) figure of 69.59 shows that Bitcoin is trading dangerously to the overbought region and indicates that several investors are keen to buy BTC.

The moving average convergence and divergence (MACD) are also positive, with the green trendline indicating a buy signal on the front foot.

Bitcoin’s strong technical performance is coming amid a flurry of activities in the network. The oldest blockchain network has been often criticised for not being a robust protocol. This has made it difficult for the building of decentralised applications (dApps) on the Bitcoin network.

In this aspect, crypto sidekick Ethereum has gained a strong market share as more dApps can build decentralised finance (DeFi) and non-fungible token (NFT) products and services due to its flexible network.

However, this is expected to change as development efforts by the Bitcoin core team will lead to the active deployment of smart contracts – bits of code that enable the creation of DeFi and NFT products. According to a report by Taproot.watch, a Bitcoin softfork or upgrade called Taproot would enable better smart contracts, more privacy, and cheaper transactions on the Bitcoin network.

Also, Australian banking giant, the Commonwealth Bank of Australia (CBA) announced that it would be expanding into crypto services for its 6.5 million customers. It will be supporting BTC, ETH, LTC, and BTC at the onset before expanding in 2022.

This slew of positive fundamental data shows that this could be an ideal opportunity to buy BTC for a bargain.

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