Bitcoin Price Continues Reversal, Racks Up Gains

Bitcoin price action in the last 24 hours

A day after its all-time high anniversary, bitcoin price continued to reverse course from its losing streak. At 14:15 UTC, it is trading at $3,836.88 at 14:15 UTC. That price is an increase of 9% from 24 hours ago. It also represents a gain of approximately 22% from the cryptocurrency’s bottom four days ago, when it hit $3,139.96. According to Bloomberg, this is the longest winning streak for bitcoin since its last bull run in September.  

Cryptocurrency markets are also on an upswing. As of this writing, their total valuation was $126.3 billion, up by more than $22 billion within the last 48 hours. Traders pumped money into Bitcoin SV and Bitcoin Cash, forks of the original bitcoin cash blockchain, whose prices have risen by 19% and 36% respectively. 

A Correction Year 

Changpeng Zhao, CEO and founder of Binance – the world’s biggest cryptocurrency exchange by trading volume, said this was a “correction year” for bitcoin. 

“There will always be speculation which will cause the price to over-fluctuate upwards or downwards,” he said. “But the industry is ruled by the builders – the guys who actually build applications.” He added that Binance planned to push forward aggressively with its plans to expand fiat-to-crypto exchanges across geographies. 

According to online publication Coindesk, the rising trendline and stacking order of Simple Moving Averages (SMAs) favor an extension of the ongoing rally.