Bitcoin has surpassed $44,000 and is eyeing the next step towards $48,000.

In a twist of fate on Tuesday, Bitcoin (BTC) surged past $44,000 on popular platforms like Bybit, giving traders a roller coaster ride and, in some cases, leaving their wallets a little lighter. The surge, not seen since April 2022, has left traders on edge as the cryptocurrency giant continues its winning streak. And winning means being completely out of the competition.

You can buy/sell/trade $BTC on Bybit or OKX.

King Bitcoin at $44,000

While the market was waiting for $42,000, $BTC showed strength by surging above that level. Sure, it’s taken a step back to around $43,500, but it’s still flexing its muscles with gains of nearly 5% in the last 24 hours. Talk about some cryptocurrency cardio!

Now, for the sake of drama, during this roller coaster ride, a $73 million leveraged Bitcoin derivative was created. These leveraged positions primarily bet on Bitcoin plummeting, thinking they can predict the unpredictable. Spoiler alert: Bitcoin had other plans.

Are you asking what’s behind this cryptocurrency circus? Well, in addition to the star power of Bitcoin, we also have a tag team of various elements. Institutional investors are joining the Bitcoin party and giving it a boost. Meanwhile, news of the U.S. spot Bitcoin exchange-traded fund (ETF) is gaining attention. It’s like the cool kids finally invite Bitcoin to the lunch table and everyone wants action.

The next step to note carefully is a clear trajectory heading in a straight line. $48,000 – $53,000 region. Obviously, this is based on some technical duds, including the highs in March 2022 and September 2021.

final words

So buckle up, Bitcoin enthusiasts! The roller coaster ride may have just begun, and we may soon witness BTC doing somersaults in the cryptocurrency sky. It’s like a circus, but with more zeros and fewer elephants. Stay tuned for the next episode of “Bitcoin: The Thrilling Saga”!

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