Bitcoin has increased by 4% in the last 24 hours and by 22% in the last week

Bitcoin’s price rose to over $ 9,300 on Tuesday, causing optimism in the market. Currently, Bitcoin has increased by 4% in 24 hours and 22% in the last month of trading. Optimistic analysts have pointed out that there are several reasons behind the positive evolution.

The Chinese New Year is over

This holiday has always had an effect on Bitcoin trading volumes. Usually, Chinese traders take a few days off to celebrate. Causing a 50% decrease in daily volumes. Last week, the BTC price dropped from $ 9150 to $ 8,325 on Sunday.

But this week, volumes have returned to the previous level, and prices have risen steadily to reflect this growth.

Bitcoin has increased by 4%, as well as the entire crypto market is growing

This week there were price gains for all cryptocurrencies. The total market valuation increased by over $ 17 billion in just 48 hours. Since then it has continued to grow at a more modest pace, but has exceeded the psychological threshold of $ 250 billion.

February has meant price increases in the history of Bitcoin

Historical data highlights February as traditionally one of the most hectic for Bitcoin. In addition, half the block reward is approaching, and history again suggests that this will have a positive effect on BTC prices.

There are other analysts who warn that recent growth is a trap because volumes are low.

A trap is a term that refers to the technical analysis that indicates that there are few buyers willing to support the upward trend, despite exceeding the critical resistance areas. It’s basically a fake buy signal.