Overcoming $ 1 trillion in Bitcoin’s market cap is a Bullish

BINANCE:BTCUSDT   Bitcoin / TetherUS
Since our last analysis, a lot has changed on Bitcoin market when it overcame resistance to $ 48,400 in just a few days. This price break subsequently started further growth and a consolidation in the $ 52K area was only for a short time.

The bull impulses were much stronger even without outside news (such as Tesla ), because BTC has just exceeded the $ 1 trillion market cap in these times, which is historically a very important milestone for all investors and traders.

At present, therefore, in addition to the price of Bitcoin , it is very important to monitor the value of the market cap, because it is highly likely that the bulls will want to maintain this $ 1 trillion limit as a significant and psychological support. Conversely, if it falls below this value, a deeper correction is possible.

At the time of writing, Bitcoin’s market cap is around $ 1.02 trillion.

Technical analysis also says:
Probable support area N.2 $ 46K - $ 50K
Probable support area N.1 around $ 42K
Key support in the area of ​​$ 28K – $ 30K
Current resistance at $ 58K