Bitcoin Solidifies Bullish Resurgence as Crypto Market Targets $2.5 Trillion Valuation
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The crypto market valuation could touch the $2.5 trillion mark soon following an aggressive rally in Bitcoin (BTC) and other top cryptocurrencies. At press time, the crypto market valuation resides at $2.3 trillion, a multi-month high.
Following its bullish start to October, the fourth quarter of 2021 could turn out to be a positive one for BTC and the crypto industry, following a prolonged bearish market sentiment.
For the industry to emerge above the $2.5 trillion valuation, Bitcoin and other cryptos need to sustain the current bull run into the coming days and weeks, which should pose no challenge considering the historical performance of the market in October.
That said, analysts propose that the flagship cryptocurrency could re-emerge above the $60K level soon as BTC retains a bullish short-term momentum. BTC currently trades up by +5.5% over the past 24 hours and at +27% over the past seven days, as its market capitalization resurfaces above the $1 trillion mark.
The primary cryptocurrency also reached a market dominance of 45%, indicating that it had a better performance than most altcoins in the past few days.
Key Bitcoin Levels to Watch — October 7
On the technical front, BTC has fallen into a mild sideways momentum between $55K and 54K, as the price recedes from overheated conditions. Like clockwork, the 1192.3 line triggered a correction for BTC as trading conditions entered overbought territories.
Bulls face the immediate task of defending the $54K level over the coming hours and days or risk an additional correction to the $52.5K zone (bolstered by our hourly 50 SMA).
On the other hand, a sustained defense of the $54K support in the near term should open the doors to a bullish continuation towards $57K and higher. That said, the coming hours will play a pivotal role in flagship cryptocurrency’s next move.
Meanwhile, our resistance levels are at $55,000, $56,000, and $56,700, and our key support levels are at $54,000, $53,000, and $52,500.
Total Market Capitalization: $2.29 trillion
Bitcoin Market Capitalization: $1.01 trillion
Bitcoin Dominance: 44.3%
Market Rank: #1
