Bitcoin fundamentals remain solid suggesting a potential bull-run in the near term

Categories: Bitcoin US

If Bitcoin is able to muster investor support around the AU $58.5k range, the currency could potentially scale past beyond AU $68k.

  • The island nation of Bahamas may allow its residents to start paying taxes using various digital currencies by the end of the year.
  • Bitcoin's total capitalization currently stands at AU $1.05T, representing a crypto market share of over 39%.
  • Bitcoin's correlation with the stock market remains high, leading many analysts to believe that more volatility may be incoming.

The last 24 hours have seen Bitcoin exhibit moments of bullish momentum, taking the digital asset close to the AU $58.5k (US $43k) mark before sliding once again, plunging below the all-important AU $54.5k (US $40k) psychological barrier once again. BTCs monthly losses now stand at -4.4% with the cryptocurrency trading at AU $55,231.

In terms of where Bitcoin may be headed in the near term, analysts believe that the currency is exhibiting extremely strong fundamentals and therefore if it is able to surge past the US AU $58k, there is a chance that another bull run may be in order. A somewhat similar opinion is shared by independent crypto pundit Michaël van de Poppe, who believes that AU $57,600 (US $42,300) is the crucial level that BTC needs to overcome, adding: "This is also a daily breaker. If it breaks, I'm assuming a new test of US $46,000 is around the corner and possibly US $50,000."

According to ExoAlpha CIO David Lifchitz, Bitcoin continues to remain stuck between AU $46,000 to $61,000 because of the macro-factors currently surrounding the global finance sector. Furthermore, he highlighted that if Bitcoin's "correlation" with tech stocks continues to remain high — coupled with the Fed's ongoing interest rate hikes — the price of the flagship crypto could decline further.

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