The world’s most valuable crypto, Bitcoin, has continued its streak, securing a seventh consecutive day in the green, blitzing past the significant level of $46k to set a new three-month high.
Having gained 6% over the last 24 hours, Bitcoin’s price surpassed $47k for the first time since January 3rd. Bitcoin briefly peaked at $47,350 before dropping to its current price of $47,047 as of this writing.
The 24 hour price chart for Bitcoin (BTC). Source: Tradingview
Over the last seven days, the price of Bitcoin has risen by 14.5%, and by 26% over the last two weeks as it recovers from its worst start to a year since the infamous crypto winter.Â
The seven day price chart for Bitcoin (BTC). Source: Tradingview
Bitcoin’s seven consecutive days in the green have increased its market cap from $780 billion to $893 billion.
Bitcoin Hits Break Even for the First Time in 2022
Beginning 2022 on a downtrend, paired with the Fed withdrawing some of their previously applied stimulus measures while also increasing the interest rate, saw the price of Bitcoin drop from $47k down to $33k during the opening weeks of the year.
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In March, Bitcoin slowly began accumulating gains, with its recent spike briefly seeing the crypto break even for the year as it recaptured the $47k price of the first day in 2022.Â
On the Flipside
- As Bitcoin broke past $47K, more than $410 million in positions held against the BTC were liquidated.
Why You Should Care
With Bitcoin now above the significant support zone of $46k, bulls are backing the crypto to gun for even higher prices.
