Bitcoin [BTC] became a household name during the pandemic. The asset not only grew in terms of value but it had been on an upward trajectory with regard to popularity. BTC went on to find shelter at various firms and even governments across the globe started recognizing the asset. Those who jumped on to the Bitcoin bandwagon were certainly in for a treat.
The world’s first and largest cryptocurrency hit an all-time high of $64,899 back in April. But this flow was soon disrupted by an array of factors. However, the two most influential ones were Elon Musk dumping BTC and China’s crypto crackdown. After several months, Bitcoin once again surged beyond $60K and moved fiercely close to its all-time high.
At the time of writing, BTC was seen trading at a high of $64,338 with a 3.60% rise in the last 24-hours. The previous seven days turned out to be remarkably propitious for the coin as it bagged gains of 16%.
Bitcoin [BTC] one-day price chart on Binance
The one-day price chart of BTC on Binance revealed strong bullish sentiment. The Parabolic SAR indicator prolonged its stay below the price candles. This indicated a bullish notion. The MACD indicator has been in a bullish crossover since the beginning of the month. The disparity between the signal line and the MACD line threw the chances of a bearish crossover out of the door.
Furthermore, the Relative Strength Index [RSI] indicator noted that BTC was being overbought.
Amidst the asset’s plunge towards its all-time high. Glassnode revealed that almost 100% of individuals holding BTC were currently in profit.
In a recent tweet, data analytics firm, Glassnode announced that about 99.75% of the Bitcoin supply was in profit. The tweet read,
The ongoing bullish notion could certainly push the king coin to greater heights. The reason behind Bitcoin’s sudden surge has been closely linked to the ProShares Bitcoin ETF that recently garnered a green signal from the Securities and Exchange Commission [SEC] of the United States.