Bitcoin reaches $24,000 and these are the reasons

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Bitcoin and Ethereum managed to present a positive weekend in the crypto asset market, with BTC breaking the $24,000 mark today and Ethereum doing the same, trading above $1,774 in the last 24 hours.

With this, the market shows clear intentions to hold the $20,000 level and it doesn’t look like it can yield to that mark anytime soon, notably the last time BTC broke the $24,000 mark was on July 31.

Possible setback in a few days?

The rise in price over the past 24 hours for the world’s largest cryptocurrency was not accompanied by strong volume, as has often been the case in previous rallies. Data from data.bitcoinity.org shows that the last time BTC topped $24,000, volume levels hovered around 570 million; today, they are at 310 million.

“This means that the price movement of BTC can be mainly attributed to market participants or market makers who are setting up most of the trading channel based on liquidation washes”.

Laurent Kssis
Director of Hashdex Europe.

In the short term, the $20,000-$23,000 price level will be the key to watch, according to Kssis. “A break above that level could see BTC move higher, though it could run out of breath and pull back.”

Altcoins are not far behind!

A strong injection of capital has taken place during the last 24 hours in which altcoins also showed strength overnight, with Avalanche’s AVAX taking the lead, up 14%.

Also cryptocurrencies such as (ROSE) from Oasis Network, a project focused on building a highly scalable network in the Cosmos ecosystem has presented a 14% increase in the last 24 hours after showing a growth of more than 40% throughout the week.

In conclusion

The price of Bitcoin is up almost 5% in the last 24 hours at $24,220.36, reaching its recent high of $24,504 at the end of July. The world’s largest cryptocurrency has recovered 12.3% over the course of the last month, looking to recoup some of its losses since falling below $20,000 in June for the first time since 2020.

What will be the performance of Bitcoin in the coming days?

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