Bitcoin had a decent week with a price above the $10k margin. Many investors see this as the point where Bitcoin plans to assert itself as the dominant cryptocurrency in all regards. The largest cryptocurrency in the world had a resounding start to the year after 2019.
A recent analysis showed that Bitcoin was steadily climbing on the charts with multiple indicators siding with the bull. Experts in the field have also pointed to a positive sentiment shift among institutional investors.
At press time, Bitcoin was trading for $10,162 with a total market cap of $185.225 billion. BTC’s 24-hour market volume was $48.75 billion after a 4.63 percent rise in prices over the previous day. Ethereum was another cryptocurrency performing well on the charts with double-digit growth over the week.
1 hour:
Bitcoin was climbing steadily on the hourly chart after a sustained sideways movement. The immediate support was holding at $9738 which acts as a raised marker for Bitcoin’s price performance.
The Relative Strength Index had spiked to the top of the overbought zone. This meant that the Bitcoin buying pressure was much higher than its selling pressure in the market. HODLers make up a big part of the Bitcoin community and aim to establish a strong foundation for the BTC ecosystem.
The Awesome Oscillator acts as an indicator that talks about the market movement. The current sinusoidal movement pointed to a bullish environment in the near future.
The Chaikin Money Flow indicator had dipped towards the zero line but continued to stay above it. Institutional investors were still waiting for clearer regulations in the Bitcoin market so that they can jump in.
1 day:
On the daily chart, Bitcoin was showing signs of overtaking its performance in August 2019. The climb started in the middle of last December after which the currency has been on a slow but steady price hike.
The Awesome Oscillator flashed a mix of red and green indicating a slight sideways hold. The market pressure was still holding high as seen by the amplitude of the AO.
The Chaikin Money Flow indicator was clearly above the zero line on the daily chart. The CMF was holding at one of its highest points since August 2019, another sign of the institution entry.
The Relative Strength Index was near the limit of the overbought zone. Bitcoin has rampantly remained in the overbought zone since the start of this year.
Conclusion:
The world’s largest cryptocurrency has still a long way to go before it hits its all-time high. One of the major highlights of this price hike is the interest garnered from the mainstream sectors.