Bitcoin market took a great jump in last 2-3 days since Bitcoin rose almost by $700. As soon as BTC turned Bullish, the market sentiment has changed completely. The enthusiasm is back and people have started to talk about Bitcoin again in a positive way. Several positive predictions are being made by analysts in relation to Bitcoin.
People are waiting for ETF's approval and if they get approved, the FOMO would be real for sure. OTC market buyers are not selling their BTC in anticipation of selling them in some future date.
All in all, there's a positive rush in the market.
So, what would be the upcoming momentum of Bitcoin?
Let's talk about it in details:
Bitcoin as risen by $900 in last 4 days and that is a tremendous growth. This growth will likely follow in near future as Bitcoin is currently testing 100 MA line. As we can see in chart below, Bitcoin has touched $7500 level but rejected.
- Now, a consolidation is expected in immediate future (next 24 hours).
- Next rally would follow that consolidation if Bitcoin will trade above $7200.
- If Bitcoin lose $7200 level, then a test of $6800 is highly likely.
- RSI at 4 hour and 1 hour is overbought, so a pull back is highly likely.
- Coin market capitalsation has risen to $293 Billion while BTC dominance has also risen to 43.4%
- 24 hour volume is above $19 Billion.
So, if you're trading then please your due diligence before making any trade decision as Bitcoin is acting highly volatile these days.
Thanks for reading ..!!