The cryptocurrency market has shown massive green symbols in the last few days. This upward movement resulted from Bitcoin outperforming its peers and settling above the $10,000 mark.
Bitcoin has surpassed the expectations set for it and that has, in turn, caused mass euphoria among communities. Analysts were quoted as saying that the time of Bitcoin to turn positive has arrived.
The technical analysis of Bitcoin showed that it was on an upward trend to surpass its earlier benchmarks. Bitcoin was currently doing better than what it did back in September with green signals all over.
At the time of writing, Bitcoin was trading for $10,152 with a total market cap of $184.93 billion. The world’s largest cryptocurrency held a total 24-hour volume of 45.54 billion after the massive price climb.
The hourly chart was quite a happening scene for Bitcoin with the cryptocurrency setting new standards of bullish movements. The cryptocurrency had set a new immediate resistance on the 11th of February which was clocked at $10,476. The current immediate support was at $9996 and as per the indicators, it is predicted t increase soon.
The Relative Strength Index had crashed into the oversold zone after a drastic change in investor sentiments. The hold at the bottom signified that the selling pressure was much higher than the buying pressure. This is the lowest Bitcoin’s selling pressure has been since the 10th.
The Chaikin Money Flow was just skirting the zero line. The CMF showed that the capital coming into the Bitcoin market had reduced due to a reverse tide of developments and market scares. Institutions were earlier responsible for the capital influx but that seems to be on the down-low now.
The MACD indicator indicated a bearish movement in prices. The signal line and the MACD line had crossed over to move towards the histogram. The MACD histogram also sided with the bear.
Bitcoin showed a stark change in contrast to the daily chart. According to analysis, it was pretty evident that BTC’s fortunes had turned over the new year. The current support for the daily chart was at $7561. The current price hike is the largest increase since the downfall started back in August.
The RSI acted opposite to that of the hourly chart. The current hold had surpassed the overbought zone which meant that the buying pressure had massively increased.
The MACD indicator had gone up with the signal line. This rise in both the indicators showed the market atmosphere was bullish. The MACD histogram was also bullish which pulled a strong market sentiment towards the cryptocurrency.
The Chaikin Money Flow indicator was positive for the first time since October. Although investors have nullified Bitcoin’s performance in the short term, the long term investments have definitely increased.
Although Bitcoin has been on an uptrend, we need to be careful about what holds in the future. The hold above the $10,000 margin was seen as a positive tide in the Bitcoin saga as many also expect the $20,000 mark to arrive soon.
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