After a tough year filled with a busy and demanding agenda, the price of Bitcoin has increased from $15,500 to $39,000 nearly a year later. With the emphasis always being on the potential for long-term returns, Bitcoin is currently trading at $38,778 and has a market dominance of 52%.
Within the past 7 days, the price of Bitcoin has risen by 2.6% to reach a new peak for 2023. Investors have started to turn optimistic following the best monthly close after a 19-month period overshadowed by the Fed. It is expected that the Fed will cut interest rates until the second quarter of next year.
From ETF approvals to halvings, several important developments are increasing investors’ risk appetite. The macro-level optimism is not limited to Bitcoin alone; right after Bitcoin reached its $39,000 peak, gold also reached its all-time high at $2,075.
Weekly charts are promising for BTC as it quickly recovers the region it lost during the May 2022 decline. Additionally, surpassing a region that showed resistance during the same period is a development that boosts hopes. The next step should be targeting the $42,800 and $47,200 regions with closures above $40,000.
If the price approaches $48,000, it could mean that the old highs may be revisited soon. However, most investors who aimed for $12,000 when the price was $15,500 are still struggling to overcome this situation. With the total cryptocurrency market value surpassing $1.46 trillion, DOGE is among the top 10 cryptocurrencies experiencing the largest weekly increase.