After several challenging months, the cryptocurrency market is recording slow gains again, driven by its largest asset by market capitalization – Bitcoin (BTC), which has recently crossed an important threshold for the first time since the collapse of the crypto trading platform FTX.
Indeed, recent charts have demonstrated that Bitcoin has had a confirmed break above its 50-day moving average (MA) for the first time since the crash of once one of the largest crypto exchanges in the world, investment insights platform Game of Trades highlightedon its Twitter profileon January 10.
According to the analytics platform’s post, after the break above $16,857, the next key resistance level that the maiden cryptocurrency will have to break above for a bullish continuance has currently formed in the area at around $17,600, with the next resistance located at $19,031.
Bitcoin price analysis
Meanwhile, the flagship digital asset was changing hands at the price of $17,304.12 at press time, representing an increase of 0.19% across the previous 24 hours, as well as 3.73% compared to the seven days before, while its gains on the monthly chart are standing at 0.85%.
At the same time, Bitcoin’s market cap stands at $333.24 billion, whereas its 24-hour trading volume amounts to $16.09 billion (931,583 BTC), positioning it at second place by this indicator, as Tether (USDT) ranks first with daily trading volume of $26.07 billion, according to CoinMarketCapdata retrieved by Finbold on January 10.
It should also be noted that the early Amazon (NASDAQ: AMZN) investor Bill Miller III has consistently demonstrated his enthusiasm about Bitcoin’s “remarkable” performance, recently praising it as ‘dramatically different’ from all other crypto entities and lauding its trading consistency when traditional markets were struggling.
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