Today’s breakthrough of Bitcoin above $9,000 thousand finally put an end to the story of the March collapse. The price of the flagship cryptocurrency per day increased by $1,000, which indicates the victory of the bulls in the cryptocurrency market. Many leading altcoins immediately responded to this with a price increase.
The sharp jump in Bitcoin prices was caused by the prevalence of an uptrend in the last week. Many cryptanalysts with bated breath followed the market behavior of Bitcoin, but no one expected it, the price will jump over the $9,000 mark. Today’s event confirms the increased interest in Bitcoin among investors.
Retail investors catalyze Bitcoin breakthrough
The uptrend was “warmed up” by retail investors, who accumulated cryptocurrency and did not drop it after Black Thursday, March 12. Despite the depressed mood within the crypto community, the growth of criticism and distrust of the crypto, Bitcoin was able to jump from the bottom at $3,800 to $9,000.
In addition to investor activity, two key factors also influenced the price increase of Bitcoin. First, the restoration and growth of traditional assets due to external support and the adoption of incentive measures by the state. Secondly, the Bitcoin rally was also an upcoming halving, after which the reward of miners will be reduced by exactly half.
Blockchain cryptanalysts are confident that Bitcoin will be able to maintain this price level and not roll back compared to similar breakthroughs that were in the past. According to the latest data, during the collapse of the cryptocurrency market, investors actively bought Bitcoin and continued to do so in April, despite the prevailing bearish sentiment.
“Bitcoin’s profitability has grown by 9% compared to the period before the March 12 collapse. This suggests that many investors were ahead of the curve and actively bought the “falling” Bitcoin.”
Bitcoin won again
Analysts at the Skew platform conducted a study according to which the activity of retail investors increased over the past month. This is evidenced by the presence of a huge number of filled BTC wallets. Retail investors have become one of the factors that brought the onset of the Bitcoin bull run closer.
Today, the flagship cryptocurrency has pulled far ahead of altcoins. Sales over the past 24 hours amounted to 59.47 billion. Since crypto-analysts predict a steady rally in the cryptocurrency market, over the next week we can witness new local price peaks.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.