BTC/USD Price Analysis: Further Upside Could Be Imminent

BTC/USD Price Analysis: Further Upside Could Be Imminent

Bitcoin (BTC) remained in a directionless fit today, although appeared to be inching ever so closely to the upside. Records show that about $11 billion has flooded back into the global crypto market over the past 48 hours.

A large percentage of this influx of investment comes from the recent pickup in Ethereum (ETH), which is currently the best-performing cryptocurrency among the top 10 largest cryptos by market cap.

Based on a recent report from Skew, a crypto analytics firm, there have been significant gains in ETH futures trading volume compared to BTC, as ETH currently accounts for 46% of Huobi’s derivatives volume and BTC coming behind with 36%.

This positive momentum is largely driven by the DeFi market, which is still considered as a hot investment by the crypto community.

Meanwhile, some analysts believe that the benchmark cryptocurrency is set to see further highs in the near-term courtesy of the equities market. They believe that the recent stock market drop was stimulated by Bitcoin’s decline from its recent highs around $12,400.

That said, the equities markets have begun a recovery from its recent fall, suggesting that Bitcoin could get a modest boost in the short-term as well.

BTCUSD – Hourly Chart

Key BTC Levels to Watch

Bitcoin appears to be picking up new bullish momentum after its last drop to the $9,900 area. Over the past 48 hours, the crypto has been steadily recording higher lows, while recording slightly higher highs. This is an indication that a bull rally could be imminent.

BTC is likely going to make another attempt to break into the $10,500 pivot zone, where it can get a further boost to the $11,000 region.

On the flip side, any drop from this level will immediately be supported by the 21-day SMA around 10,220. Further declines from that level will be strongly supported by the lasting $10,000 psychological level.

Total market capital: $337 billion

Bitcoin market capital: $190 billion

Bitcoin dominance: 56.3%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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