Bitcoin reaches another milestone, rises above $22K

Bitcoin reaches another milestone, rises above $22K

When the “monarch” finally returns, the crypto world rejoices. Despite predictions from pessimists that Bitcoin would continue falling after the $19 support level was shattered on September 7, the cryptocurrency was able to burst through the $20,000 barrier on September 9 and has been gradually rising since since. Many crypto investors had a terrible week.

BTC is rising alongside the rest of the market.

In spite of the crypto cold, Bitcoin has shown some resiliency thanks to a confluence of variables. Many investors were compelled to look into alternative hedging routes, like as cryptocurrencies, due to the declining value of the US dollar and rising inflation in western economies. Coincidentally, many Bitcoin bulls remain optimistic about the cryptocurrency’s long-term prospects because the world economy shows no indications of revival.

In the cryptocurrency market, RavenCoin (RVN), Cardano (ADA), and even Terra Luna Classic (LUNC) all saw significant price increases as Bulls pushed across multiple coin pairs in preparation for the Ethereum merger. Some industry futurists also sided with BTC.

In fact, any sort of money injection is quite helpful. A large increase in the search volume for “Ethereum merging” indicates strong interest from individuals who are not typically paying attention to events linked to cryptocurrencies, so Google recently created a new tab with the countdown toward the Ethereum merge. Millions of individuals all around the world are already aware of the merger, and many of them have already begun investing as a result of the news.

So, a grain of salt is in order regarding the recuperation.

We do not anticipate BTC’s spectacular rise and a stunning Bull Run that will reject all naysayers, but the asset’s stabilization above the $21K support line is a strong sign that it can weather the crypto winter without lasting damage.

It will be fascinating to see how the market responds to the impending Ethereum integration. This will begin in the following two days. The results could be extremely severe. Nonetheless, the strengthening of Bitcoin holdings before the storm is healthy for the cryptocurrency market as a whole.

Orizu Augustine
Orizu Augustine is an experienced crypto writer working for Alltechcraft. Having passion for writing, he covers news articles from blockchain to cryptocurrency and iPhone and Samsung related articles.