Bitcoin jumped above $37,000, reaching a new all-time high of around $37,550 as traders remained optimistic about the rising demand from institutional investors like MicroStrategy and MassMutual which did not wait long to add more BTC to their balance sheets despite its high market value. Meanwhile the total market capitalization surpassed $1 trillion for the first time. At the moment price pulled back slightly and the most popular cryptocurrency is trading around $36,900 level. RSI is still in overbought zone which may suggest a short-term correction, perhaps towards the lower limit of the upward channel from where Bitcoin may well resume the push to highs above $40,000. However if sellers manage to break below the $34,739 level, downward move may accelerate towards next support at $31,500.
Bitcoin H4 interval. Source: xStation5
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