After a short period of sideways trading, the cryptocurrency market has renewed its bullish sentiments. While Bitcoin (BTC) has risen by only 1.73%, all of the top 10 altcoins have increased in value much more. The top gainer is Bitcoin Cash (BCH), whose rate has rocketed by 11.11% over the previous 24 hours.
At the same time, overal market capitalization keeps growing. The current index makes up $263.1 Bln.
Below is the key data for Bitcoin.
Market Cap: $170 974 380 478
Price: $9 393,65
Volume (24h): $30 079 651 625
Change (24h): 2.20%
This data is relevant at press time.
BTC/USD: Coming back to $9,600 or $9,200?
After a correction to almost $9,000, Bitcoin (BTC) has quickly returned to the $9,400-$9,450 area. However, it needs a more profound decline to confirm the ongoing bullish trend.
According to the current situation on the market, the growth is not accompanied by huge trading volume. Moreover, a bearish divergence still exists on the RSI indicator.
In this case, the more likely scenario is a rollback to the liquidity area in the range of $9,150-$9,200. If the current price rise continues, traders might expect a deeper drop to around $9,000.
On the daily chart, a bearish mood is becoming more vivid, even though the MA 50 has crossed the MA 100. Despite bulls trying to keep the price at the current high levels, trading volume is slightly dropping. Respectively, Bitcoin (BTC) might touch the $8,900 level, where the MA 200 is currently located. Overall, the moving average serves as the support zone of the confirmed bullish trend.
Bitcoin is trading at $9,427 at press time.