With increasing corporate purchases, the total market capitalisation, which exceeded the 1.0 trillion dollar limit for the first time in history on January 7, exceeded the limit of 1 trillion 37 billion dollars again in the first hours of the new day.
The price of Bitcoin rose to over 36,000 dollars level on early Tuesday, following the cryptocurrency's impressive rally in the preceding weeks, with touching 41,946.74 records high in the first week of the year.
Bitcoin increased by 3.96 percent in the last 24 hours to 36,527.54 dollars, while the weekly gain of the unit was calculated at 4.70 percent. Bitcoin's total market volume also increased by about 28 billion dollars, from 651 billion dollars to 679 billion dollars.
Bitcoin has been trading lower over the past four days, with yesterday’s decline seeing prices restricted below 36,800 dollars. Today’s upward action follows a similarly strong rebound last week, which had seen BTC recover from a dip to 32,327 dollars.
But the upside to highs of 40,110 dollars was quickly followed by another dip, with price touching lows of 33,800 dollars over the weekend.
Failure to break and rally above 36,000 dollars in the coming sessions could strengthen a short term bearish outlook.
The negative perspective is highlighted by the hourly RSI and a declining trendline that is currently restricting bulls around the 76.8 percent Fibonacci retracement level of the move from 33,830 dollars low to 36,849 dollars high. This level presents a resistance line at 36,212 dollars.
Bulls will need to break above this line to target 100 hourly simple moving average (36,952 dollars) and the 123.6 percent Fibonacci retracement level (37,695 dollars). If the upside momentum holds, increased confidence in Bitcoin’s future price could see buyers seek gains around the 161.8 percent Fibonacci retracement level (38,905 dollars). (Table)