The past 24 hours have been good for cryptocurrencies, mostly because of the new $12 billion which have been added as major cryptocurrencies such as Bitcoin, Ethereum, Ripple and Bitcoin Cash experienced short corrective surges.
One of the main news has been the Bitcoin price, which rebounded from $6,300 to $6,700 and therefore broke the descending trendline which has been present since May 3rd, when BTC was valued $10,000.
Even though it is too early to conclude that Bitcoin has entered in a bullish run and a potential rally, the crypto market definitely gained some breathing room for the recent major correction which initiated in early May.
This made many investors more optimistic and bullish on the market, mostly because of the abrupt surge in the volume and price of Bitcoin.
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However, Bitcoin needs to go above the $7,000 mark to prove that the bullish run is here to stay.
As of right now, no one can conclude if BTC restored its bullish sentiment and is ready to move to the upside. If this price sustains its momentum and remains above $6,800, even $7,000 over the next week can be a solid possibility.
Some of the news that led to this were Coinbase revealing that it is preparing to bring third-party institutional custody to the cryptocurrency market and digital assets. Plus, the lack of custodian solutions forced many institutional investors to sit on the sidelines. However, analysts say that over the next year, the market could recognize custodianship as a solved problem – unlocking a big wave of capital.
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