In the past few days, sellers have been trying to exert strong pressure on the cryptocurrency market. However, the strength of the bulls has not allowed the latter to seize leadership - in the short term, the bullish sentiment still dominates the market. However, today, Bitcoin (BTC) is feeling stronger than altcoins as the main crypto has come out of the consolidation phase.
The continued growth of the crypto market has affected its capitalization, which has risen by around $7 Bln over the past 24 hours. The current index amounts to $243.5 Bln.
The relevant data for Bitcoin is as follows.
Market Cap: $166 049 511 357
Price: $9 035.99
Volume (24h): $42 629 698 272
Change (24h): 3.58%
The data is relevant at press time.
BTC/USD: Has the long-term bullish trend been established?
The chief crypto has continued rising since the halving. Bitcoin (BTC) has gained 3.21% over the past day, which is the biggest growth compared to the other top 10 coins.
On the hourly chart, Bitcoin (BTC) is trading within the rising channel to the nearest resistance at $9,400. Over the recent days, the coin has been consolidating for quite a long time in the range between $8,600-$9,100. This is enough to gain some 'fuel' and continue growing. Moreover, the Bollinger Bands indicator is going upward. If the rise continues, Bitcoin (BTC) will reach the resistance very soon.
On the bigger time frame, the positive scenario is still valid. The recent level of $10,000 was not the local peak as Bitcoin (BTC) has successfully bounced off the support at $8,500.
In addition, the bullish divergence has formed on the RSI indicator, confirming the bulls' potential. Summing up, we can expect a move to around $10,500 within the next few days, which corresponds to the resistance level.
Bitcoin is trading at $9,088 at press time.
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