- Bitcoin trades around key resistance at $10,200 USD, as at time of writing.
- The bullish stance in the market is impacting BTC’s fundamentals as well; Realized cap hit an ATH of $105 billion USD.
- Can bulls set the market ablaze to test $15,000 USD before the halving?
Bitcoin’s market is finally calming down after a raging move past $10,300 USD, in the early days of February, representing close to 40% growth from the start of the year. While the market consolidates its gains, the price of BTC looks to be set up for a continuation of the bull run as fundamentals turn positive for the top coin.
With the blockchain setting its all-time highs in both the difficulty and hash rates earlier in the year, the top crypto is now testing the ceiling of its realized cap, hitting a record $105 billion.
Bitcoin Realized cap hits all-time high
According to data from Glassnode charts, the realized cap of BTC hit an all-time high of $105 billion USD on Valentine’s Day signaling a possible continuation of the bullish run into the foreseeable future. Realized cap is a metric that factors in the value of lost coins and inaccessible coins, to give a true value on the total circulating value (total available value) of the coin.
The figure passed the previous all-time high set in January at $103 billion USD, with the crypto surpassing the $100 billion USD mark in August 2019. The metric is also a key bullish indicator on price as it gives a true value of the market.
Can bulls push BTC towards $12,000 USD?
Bitcoin (BTC) has traded flat over the past 24 hours maintaining the key resistance level at $10,200 USD as the market consolidates following a buy rush in the past week. The technical indicators on the daily charts are heavily augmenting towards a bullish market with the SMA 50 giving a buy signal and the MACD forming a golden cross signaling a further upward push in price.
With the fundamentals positive and the market generally having a bullish vibe, buyers are setting their targets on the price boosting past 2019’s high at $13,800 and setting a new yearly high before the halving. Can bulls set the price ablaze to key psychological resistance at $12,000 USD?
A breach past $12,000 will effectively usher in a new 2017-like bullish run and a blast past $15,000 is not very unlikely.
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Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.