Bitcoin’s [BTC] volatile nature alarmed the entire crypto-verse. BTC had depreciated in terms of price as well as market cap. Just as the king coin’s price plummeted down to $54K, the market cap of the asset followed. BTC in no time went from the $1 trillion zone down the to $800 billion zone. However, Bitcoin managed to reconcile with the bulls as it jumped back above $50K.
Bitcoin’s fall did not have a negative impact on its market sentiment. The asset continued to secure its institutional interest. Several crypto personalities went on to urge the community to buy the dip instead of fearing loss.
During the time of writing, BTC was trading for $55,198 with a dainty daily hike of 1.72%. The last seven days helped the asset garner gains of over 6%. The market cap of the king coin was back at $1.02 trillion. Bitcoin was dominating the crypto markets by over 60%.
Bitcoin [BTC] One-Day Price Chart
The one-day price chart of Bitcoin was revealing an extreme bullish sentiment. The Parabolic SAR indicator laid out dotted lines below the candlesticks. This line acted as support against any immediate downfalls. The MACD indicator was going in for a bullish crossover. The MACD line had slowly taken over the signal line. The Relative Strength Index indicator affirmed a buyers’ market as the RSI marker was noted over 50 median.
This chart implied that BTC could make its way to its previous all-time high of $58K. The persistence of the existing sentiment in the market could elevate the price of BTC to $60K.
Additionally, the online data analytics platform, Skew shared a chart on Twitter revealing that Bitcoin was more volatile than Ether. The tweet read,
This volatility may prove beneficial for the king coin considering the bullish notion in the market. All the signs noted in the BTC market suggested that the king coin could soon be hitting a new all-time high.