Bitcoin’s Market Cap Reaches $1.17T Amid Bull Market Uncertainty

• Bitcoin has experienced a prolonged period of price fluctuations despite previous all-time highs
• Bitcoin’s RSI at 46.86 indicates neutral momentum, suggesting neither overbought or oversold conditions.
• The Crypto Fear Greed Index has risen by 7.14%, indicating a shift towards more positive market sentiment.

Bitcoin Magazine Pro, a Bitcoin analyst, recently noted that Bitcoin , despite reaching new all-time highs earlier this year, has since experienced a multi-month choppy drawdown. This has led to growing investor concerns about the sustainability of the current bull market. 

Bitcoin’s price currently stands at $59,337.38 , with a 24-hour trading volume of $31.54 billion, reflecting a 0.84% increase in the last 24 hours. The market cap is $1.17 trillion, with a circulating supply of 19,742,653 BTC out of a maximum supply of 21 million coins.

Several technical indicators provide insight into Bitcoin’s current market sentiment. The Relative Strength Index (RSI) is at 46.86, suggesting neutral momentum, while the Moving Average Convergence Divergence (MACD) line slightly above the signal line hints at potential bullish momentum.

Source: TradingView

Bitcoin’s market dominance has decreased by 0.20%, indicating that Bitcoin’s share relative to other cryptocurrencies has slightly diminished. Additionally, the exchange balance has dropped by 0.06%, suggesting that more Bitcoin is being withdrawn from exchanges, which may signal increased holding or transferring activity.

Moreover, the Crypto Fear Greed Index has risen by 7.14%, pointing to a shift towards more positive sentiment among investors. Significantly, the open interest in Bitcoin futures and options has increased by 1.51% and 21.52%, respectively, highlighting heightened trading activity and potential market volatility.

Source: Coinglass

Furthermore, the 24-hour futures trading volume has surged by 18.45%, underlining a spike in market activity. Besides, funding rates for BTC/USDT pairs on major exchanges like Binance, Bybit, and OKX remain positive, indicating ongoing bullish sentiment. Notably, the majority of top traders on these platforms are currently holding long positions, further reinforcing the optimistic outlook.

Changellyblog predicts that Bitcoin could hit a high of $73,150.86 in September 2024, based on their analysis of Bitcoin’s price trends. However, there is also a possibility that the price could dip to $61,782.28, with the average price for September 2024 expected to be around $67,466.57.

Looking further ahead, after examining Bitcoin’s price movements in previous years, it is projected that in 2025, the lowest price of Bitcoin could be around $99,191. The highest anticipated BTC price might reach approximately $120,014, with an average trading price of around $102,727 in 2025.