A lot of people have turned bullish on Bitcoin following the recent price action. For the first time since November 2019, the bitcoin price has surpassed $9,000 again.
This ongoing uptrend further confirms how Bitcoin is the most resilient asset on the market today. It also helps continue the uptrend that started in late 2019 and shows no signs of slowing down yet.
The Bitcoin Price Party Continues
These past 30 days have been pretty interesting for bitcoin price watchers. After what appeared to be a somewhat slow start of a bull run in late 2019, the momentum has intensified significantly. The value of bitcoin has increased by nearly $2,000 without much resistance since January 3, 2020.
Such a steep uptrend is not uncommon for bitcoin. It has happened in the past, and history tends to repeat itself in the financial markets. Bitcoin is no exception in this regard, which is a healthy sign overall. Today, the bitcoin price sits at $9,090, and there may be further growth ahead, for now.
In terms of trading volume, bitcoin has no equal. Over $15.6 billion worth of BTC has changed hands on a Sunday. That is quite remarkable, but also to be expected under these bullish circumstances. The top 4 trading markets are all BTC/USDT on Bilaxy, Coingene, BHex, and HotBit. One notable exception is ETH/BTC on IDCM.
BTC/USDT Technical Indicators
Moving Averages: On the daily bitcoin price chart, there is a bullish crossover between the MA20 and MA50 in place. This crossover has emerged since bitcoin surpassed $7,400 and remains in place today. For all intents and purposes, that is a bullish signal for the BTC price. It seems to indicate that this uptrend will continue, at least for today.
Fibonacci Retracement Lines: Traders relying on technical analysis will eye the Fibonacci Retracement Lines closely. Since the uptrend began, the bitcoin price has been bulldozing toward the 61.8% line. When that value is reached, one BTC will be valued at $9,195. This is a previous resistance level, which adds another dimension to this key value.
This level will prove crucial for different reasons. Breaking it will result in a potential uptrend continuation. That may very well lead to a push all the way to $10,927.56 in the following days and weeks.
Should it not be broken successfully, it remains to be seen if the uptrend can continue. Before making that decision, the daily candle near that level will need to close in a convincing manner.
These Fib levels are crucial for short-term price swings. A lack of support at the 61.8% level is not a sign of the uptrend falling apart per se. However, that level may be a good place to take profit if one is rather risk-averse.
RSI: When looking at the bitcoin RSI, it is clearly in overbought territory, but that is not a bad thing. The uptrend should continue , assuming the current Fib level will not signal a retracement. The coming hours will provide more insights as to what will happen next week.