Bitcoin (BTC) has been making positive strides since the start of the year. The digital token registered a price below the $6,000 level in 2020, yet has been steadily climbing since the start of the current year. Reports from Pierre Rochard, VP of Research at Riot Platforms, suggest that when mayhem ensued in March 2020, Bitcoin prices took a dive too. Rochard proclaims that the data invalidates the often held notion that Bitcoin is a ‘disaster hedge’. He further adds that the most sound way to analyse the coin in the long run is to consider it as a loose gauge for global adoption through user freedom fundamentals.

Presently, Bitcoin is being traded at the whopping $28,882.91, witnessing an increase of 1.83% in the past 24 hours. Highest possible purchase price stands at a whopping $29,353.18, with the bulls having set up a support wall on the $29,296.75 price level. Bitcoin’s dominance in the market stands at 47.14%, with a 0.39% improvement over the day. The trading volume of BTC has also been significant, having shot up by 2.49% to the hefty 17.68 billion. This clears the path for the $29K level breach before bulls move on any further.

On the 24-hour price analysis of Bitcoin, bulls have established a advantageous position as evidenced by the Moving Averages (MA) line. In the shorter run the MA line continues to remain above the longer run MA line indicating that the bulls are on the brink of a sustained upward rally in prices. However, an investor should exercise caution before investing in Bitcoin given that the Relative Strength Index (RSI) has been moving downwards - a factor indicating a price reversal may follow shortly. Despite this, giving the current RSI reading of 51.96, prices are likely to stay stable in the short term.

On the whole, Bitcoin prices are well inside the bullish zone, having seen appreciable gains in the past few days. Whether the current trajectory continues or a reversal follows, investors are bound to be kept in suspense.



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