Bitcoin’s rally has slowed down in the past few days, consolidating above a key level. Currently Bitcoin futures basis the Comex continuous contract (BTC #F) is trading up $880 or 1.9% at $46,375.
On August 9th, at the start of the week, Bitcoin surged through the last area, posing any natural resistance until $52,000, when on Monday, BTC broke above the 38% retracement and the 100-day moving average. Now that pricing has remained above it for two days (most technicians use three days as a rule of thumb), it appears that BTC has successfully made a massive milestone by flipping $44,000 into support.
The next target for bulls is the psychological level of $50,000 and the 23% retracement above it at $52,260. Although altcoins are also rallying (Ravencoin gained nearly 100% in the past week), Bitcoin has not been left in the dust, and for the most part, the world’s largest cryptocurrency by market cap has been posting some of the largest gains.
Speaking of market cap, the total market capitalization of the entire crypto sector has grown significantly over the past month and is now on the cusp of $2 trillion. The total value of all crypto assets hit a high of $2.6 trillion on May 11th, and less than a month ago, on July 19th hit a low of $1.23 trillion. Bitcoin’s market cap has historically climbed or fell along with its price, and the two metrics are closely tied together as in most cryptocurrencies.
Bitcoin is up 39.7%, and Ethereum is up 59.2% for the month. Needless to say, this last month has been extremely good to BTC bulls, and the atmosphere doesn’t appear to be changing anytime soon.