The cryptocurrency market is green today, with Bitcoin’s (BTC) price rallying over 5% in the past 24 hours.

Ethereum (ETH) and XRP (XRP) are also in positive territory, helping the total crypto market cap reach $1.43 trillion.

Also benefiting from this uptrend is Bitcoin Minetrix (BTCMTX), a new mining token that has already raised $4 million in its ongoing presale.

Bitcoin Price Soars to $38,000 as Bulls Look Even Higher

Yesterday, Bitcoin’s rebound brought it just below $38,000, marking its highest value since May 2022.

This uptrend seems to be driven by growing demand and rising trading volumes.

In the past day, over $28.5 billion worth of BTC has been traded, representing a 16% increase from the previous day.

From a technical standpoint, Bitcoin is attempting to flip $38,000 into support after a failed attempt last week.

Traders believe the price needs to hold above this psychologically important round number to confirm the trend’s continuation, potentially towards $40,000.

However, if a retest of $38,000 fails, it could lead to a drop back to $35,000, which would position Bitcoin in a tight trading range.

Overall, the fact that Bitcoin is still well above its 200-day exponential moving average (EMA) on the daily chart suggests that buyers are still in control.

Additionally, the Crypto Fear and Greed Index, which measures market sentiment based on various sources, has pushed further into “Greed” territory – indicating increased investor optimism.

Institutional Inflows and Tightening Supply Bolster Bitcoin Fundamentals

Bitcoin’s reversal is partly driven by improving fundamentals that are tightening supply dynamics.

For one, institutional investor inflows have significantly increased over the past year despite the crypto bear market.

According to data from CoinShares, over $1.1 billion has flowed into crypto from instit

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Author: BeInCrypto Team

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