Bitcoin rose above $52,000 on Wednesday evening, reaching a market cap of almost $1 trillion.
BTC exchanges at around $52,311.79 as of 22:00 UTC. Gaining 7.27% over the last 24 hours.
BTC’s 24-hour range: $48,458.69-$52,542.49.
BTC is trading beyond its 10-hour and 50-hour median values on the hourly chart. This represents a bullish indication for market experts.
Bitcoin is residing in “unexplored territory,” noted Hunain Naseer, who is an editor at OKEx Insights, after its rate rose to a new all-time high at more than $52,000, less than a day after it broke the key psychological level of $50,000.
Rate volatility stays high when compared to key macro assets, especially the Standard & Poor’s 500 Index that involves stocks, gold, and bonds.
“We can anticipate some consolidation in the range between $50,000 to $52,000, with a potential retest of the support at $49,000,” Naseer noted.
