Bitcoin surges above $37,000 breaking its own record for the third time in the first seven days of 2021.
The nosedive by Bitcoin on the preceding Tuesday has not flinched the interest of investors from investing in Bitcoin.
It looks like the investors of Bitcoin will not stop for anything. This Thursday, the cryptocurrency leader was again on a bull run and was being traded as high as $37,200. Bitcoin is on a home run since December last year and with the new year, the story hasn’t changed much.
Besides the open and close market price of Bitcoin, the marginal average charts also favor Bitcoin. Trade market charts suggested that Bitcoin could go a little further. The market analysts are saying that Bitcoin may easily achieve the round figure of $40,000 in a couple of days.
Some market analysts said that considering the Relative Strength Index (RSI) of Bitcoin, surge or dive both are possible. Therefore, investors should be more cautious before buying any more of the leading cryptocurrency.
Bitcoin had gained about 4% on the trade market on Thursday. With the current value of Bitcoin, it approximately amounts to almost 2/3 of the total value of the digital currency market.
Exchanges have suggested Bitcoin to be a better investment for saving losses than a dollar.
Accounts holding Bitcoin are more active than ever. Some of the account holders are looking for the right opportunity to sell. While almost 95% of Bitcoin reserves are owned by less than 2% of the accounts. This also supports the theory that big institutional investors are driving the value of Bitcoin above in the market.
Some of the traders said that the public note by JPMorgan influenced the investors to further invest in Bitcoin. JPMorgan in their note suggested that Bitcoin has the potential to transverse $146,000 in the next few years.
Others suggested that the surge had been caused by the approval of the U.S Office of Comptroller of the Currency for cryptocurrencies. OCC issued a letter vide which it has allowed the banks to trade with cryptocurrency blockchains. The office said that the banks may use less volatile coins for payment or other activities.
Banks allowed usage of Bitcoin for payments, thereby creating a perception among users that Bitcoin is a more stable currency.