Bitcoin Sees Uptrend, Approaching $44k as Crypto Market Cap Hits $1.7 Trillion

By: Eliza Bennet

The overall capitalization of the cryptocurrency market surged past the $1.7 trillion mark for the first time since May 2022. This market move coincides with Bitcoin's significant upward trend, nearing the $44k point.

Recently, Bitcoin has shown impressive strength, surging past the vital $43,500 resistance, and is currently trading over $43,000. Analysts materialize a supportive bullish trend line with Bitcoin aiming to outdo the $44,500 and even the $45,000 mark if it maintains the upward move.

The digital currency's pricing has demonstrated a positive trend, displaying stability over the $42,000 resistance zone. Bitcoin has even surpassed the $43,000 resistance zone after shattering the $43,500 barrier, setting the stage for additional gains.

Nevertheless, if Bitcoin fails to surpass the $44,500 resistance zone, there might be an imminent downside risk. Key supports are plotted at $43,200 and $43,000. A dip below $43,000 might prompt more losses, with a significant support positioned at $42,000.