Bitcoin (BTC) maintained its recent gains throughout Tuesday’s trading, and the total market cap of all cryptocurrencies briefly reclaimed the $1 trillion mark for the first time since early November, just before FTX’s collapse. These developments indicate that the crypto market’s long-term outlook is improving.
Traditional stock markets saw a mixed day as a busy week of corporate earnings got underway. Goldman Sachs made news after reporting a 69% fall in profit for the fourth quarter. The S&P and Dow ended the day lower at the close of U.S. markets, down 0.20% and 1.14%, respectively, while the Nasdaq just managed a gain of 0.14%.
TradingView data shows that Bitcoin’s price has been increasing since last week, but more slowly. It reached an intraday high of $21,605 before falling to support near $21,300, where it is currently trading.
According to Jim Wyckoff, senior technical analyst at Kitco, the top cryptocurrency has reached a four-month high due to the ongoing rally for Bitcoin. The daily bar chart’s price upswing, which “suggests still further upside in the near term,” according to Wyckoff, “gives the B.C. bulls the firm overall near-term technical advantage.”