Fundamental analysis

Bitcoin continues to grow, but investors are fixated on the cryptocurrency meme

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Bitcoin started the trading session on Thursday with a steady increase. At the time of writing, the cost of BTC was balanced at $20,606. According to crypto experts, the asset has two options for movement ahead.


The nearest resistance level is around $20,820, and its breakthrough promises the coin a transition to a new stage of growth. The next significant resistance point may turn out to be $21,200. If the BTC manages to step over it, it will hit the $22,000 resistance and be able to break through to a steady increase towards the $25,000 resistance zone.

If the cryptocurrency fails to rise above $21,200, it will turn to a downward correction and risk dropping to $20,700, and then falling into the next important support zone at $20,500. At the same time, closing the day below $20,500 may provoke a fall of bitcoin to $20,000.

On Wednesday, the first cryptocurrency tested one-and-a-half-month highs of about $21,000, gaining almost 9% in a day. By the way, the day turned out to be quite important for BTC, as the price of the digital asset first overcame a significant resistance of $20,300, and then $20,500. $21,021 and then fell below $20,800.

At the auction on Thursday, participants of the cryptocurrency market were focused on the coin-meme Dogecoin. So, according to the analytical company Santiment, the DOGE quotes for the first time in 2.5 months rose above $0.072. In the middle of the trading session, the coin reached $0.0799, having soared by 21.44% in a day. At the time of writing, the altcoin was trading at $0.07767. At the same time, the volume of transactions in the network over the past 24 hours reached $1.89 billion.

Elon Musk, the CEO of electric car manufacturer Tesla, has once again been responsible for this tangible enthusiasm in the virtual asset market. Another short tweet from the billionaire on the social network blew up the crypto market and lifted Musk’s favorite coin to new price peaks. Ahead of his tweet, Musk announced that the deal to buy Twitter should be closed by Friday.

Recall that the Dogecoin cryptocurrency-meme appeared in 2013, and the dog of the Shiba Inu breed became its symbol. The finest hour of the coin happened in the past year after Musk began to mention it in every possible way in his Twitter account. Since then, crypto enthusiasts have referred to DOGE as “Musk’s favorite cryptocurrency.”

According to data from CoinGecko, as of Thursday evening, the total market capitalization of cryptocurrencies exceeded the $1 trillion mark.

It has more than tripled since last November, when it was above $3 trillion ($3.08 trillion).

The material has been provided by InstaForex Company –