Following Saturday, Bitcoin acquired a bullish momentum as the prices surged by nearly 6% in the last 24 hours. According to TheCoinRise’s weekly roundup for the crypto market, a lot of regulatory events occurred in the past week.
The world’s biggest cryptocurrency has reclaimed important support above $56,000, and if this continues, we might see higher prices for today as well. The daily candle for Monday opened at $57.3k and reached a daily high above $58k.
However, on Sunday, Bitcoin regained some of the losses suffered in the past few weeks by jumping from $54.7k to a daily high of $57.4k. On the other hand, CoinMarketCap data shows that the token is 16.26% low from its all-time high witnessed mid-November.
Bitcoin price analysis
The bulls are in charge of the market in a longer timeframe but, a bearish outburst was witnessed a few days ago. As bears got control, a bearish trend clouded the bullish movement.
However, as seen in the chart below, the prices have successfully tested this important support trendline, and it seems that BTC is not going down lower.
Furthermore, the prices dropped below the 100-day Moving Average for a brief interval, but this zone acted as good support, and bulls took advantage. The next target is to acquire the 50-day Moving Average, which currently rests above $60k.
Bitcoin price fractal is still situated in the lower end of the Bollinger Bands, which means that buyers are still at large. However, the prices are moving up to gain the lost 50-day Moving Average with the goal of making a new ATH.
The MACD indicator also turned bearish as the signal line (orange) broke above the price action a few days ago. However, the MACD line and the signal line are closing in on each other, and a bullish divergence might occur. The intensity of the MACD histogram has dropped down.
The RSI levels are showing an excellent movement as the gradient is positive. Although the line rests in the bearish region, i.e., below 50, the surge in buying pressure indicates that this is a good time to fill your bags with Bitcoin.
On the whole, Bitcoin has tested an important support trend line, and if this continues to be the case, we might see the world’s biggest cryptocurrency in clutches of new all-time highs by the end of the year. Although, PlanB’s S2F prediction is set to fail.
Bitcoin also made history as BTC network surpassed PayPal in processed transactions. The future for payments is BTC, as shown by South Park, a famous show known for covering important events in a comic manner.