Bitcoin Hits 3-Month High Above $47.2K, Breaks Even for the First Time in 2022

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Bitcoin Hits 3-Month High Above $47.2K, Breaks Even for the First Time in 2022

The world’s most valuable crypto, Bitcoin, has continued its streak, securing a seventh consecutive day in the green, blitzing past the significant level of $46k to set a new three-month high.

Having gained 6% over the last 24 hours, Bitcoin’s price surpassed $47k for the first time since January 3rd. Bitcoin briefly peaked at $47,350 before dropping to its current price of $47,047 as of this writing.

The 24 hour price chart for Bitcoin (BTC). Source: Tradingview

Over the last seven days, the price of Bitcoin has risen by 14.5%, and by 26% over the last two weeks as it recovers from its worst start to a year since the infamous crypto winter. 

The seven day price chart for Bitcoin (BTC). Source: Tradingview

Bitcoin’s seven consecutive days in the green have increased its market cap from $780 billion to $893 billion.

Bitcoin Hits Break Even for the First Time in 2022

Beginning 2022 on a downtrend, paired with the Fed withdrawing some of their previously applied stimulus measures while also increasing the interest rate, saw the price of Bitcoin drop from $47k down to $33k during the opening weeks of the year.

In March, Bitcoin slowly began accumulating gains, with its recent spike briefly seeing the crypto break even for the year as it recaptured the $47k price of the first day in 2022. 

On the Flipside

  • As Bitcoin broke past $47K, more than $410 million in positions held against the BTC were liquidated.

Why You Should Care

With Bitcoin now above the significant support zone of $46k, bulls are backing the crypto to gun for even higher prices.

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