Recently, the bitcoin price has surged over a key psychological level of $10,000 and extended the rally.
Over the last couple of days, the world’s number one virtual asset has leapt to more than $11,000. Later, bitcoin has faced a minor pullback. Currently, the digital currency is enjoying a break from its recent rally. So far, it is not clear how the price spike will end. On the one hand, bitcoin jumped to a five-digit number. On the other hand, its trading volume is not growing. Therefore, it is impossible to predict further movement of BTC on the chart. It is not unlikely that the price will skyrocket. Otherwise, there is a likelihood of a massive pullback which will continue the formation of a long-term correction. At the moment, it is better to closely monitor changes in the price of bitcoin and its trading volume as these two indicators will show the exact direction of BTC in the near future.
In the meantime, the overall crypto market cap is rising along with bitcoin. Thus, the entire crypto market capitalization has already surpassed $300 billion. Despite BTC’s correction, the level of market value remains high thanks to a significant increase in the price of altcoins, primarily ethereum.
