Bitcoin’s last 24 hours have seen a major bullish breakout that has led it to surpass the major $60,000 level, and now it is trading for $62,598.37. There was an increase in the cryptocurrency by 4.38%, with a trading volume of $27.66 billion. The upward trend of the cryptocurrency signifies changes from bearish market sentiment to bullish as selling pressure seems to have subsided and market participants remain optimistic.
Over this weekend there has been a rise in Bitcoin’s price volatility, which breaks out from the previous downtrend to rally for new highs. This switch happened after there was a brief period when investor sentiment turned bearish but fortunately, the market adjusted itself once again showing renewed bullishness including its target being $70k though possible resistance at this level and a likely pullback towards the 60k range may temper its rise.
Bitcoin Moves Above $60,000: Bullish Indicators Point to Potential Surge
Currently, Bitcoin is trading above both its 50-day moving average at about $58,459 and the 100-day moving average one positioned below that threshold suggesting a strong bull run that can be associated with these two technical levels acting as support points for Bitcoin.
Based on the RSI reading of 56, bitcoin appears to be rising towards the overbought but still has some upside before hitting any significant overbought resistance levels. The RSI at this point is indicative of heavy buying interest even as traders should be wary of reversals since market sentiment could change swiftly.
The MACD for Bitcoin reveals a bullish crossover where blue (MACD line) ascends above red (Signal line). This is an example of when purchasing momentum increases through classic crossover signaling further price growths if sustained.
In front lies critical resistance at $70,000 where if bulls break through would open up higher levels including potentially reaching the much-anticipated milestone at $75k.
On the downside, the major support level currently lies at $60,000 which was once a resistance. This level now acts as an important psychological and technical support that traders could use against any pullbacks. Below this range may result in more consolidation to test the resilience of the 58k support zone.
Bitcoin Spearheads Market Rally as Total Crypto Cap Surges
The overall market capitalization of cryptocurrencies has jumped by over 4% in a single day and totaled around 2.41 Trillion during London’s midterm session which is quite good for the industry. Bitcoin initiated this bullish trend when it pulled out of four weeks of bearishness thus pushing forward the altcoin market.
The price of Bitcoin rose to about $63k daily before dropping back slightly to $62,700.Besides Ethereum moved upward massively reaching nearly 3,347 with a rise of over 4%. Following this upward momentum witnessed in the market there have been notable occurrences such as the introduction of regulations and growing interest from investors.
There is a notable happening where the government of Germany’s wallet is getting small donations that have accumulated to around 300 US dollars in BTC. This accidental aggregation of Bitcoin by a state body demonstrates how cryptocurrencies are increasingly coming into contact with formal economic structures.
The cryptocurrency market gains steam as it gets influenced by various factors such as the discontinuance of Bitcoin liquidation by Germany, the Spot Ethereum ETF S-1 approval, and significant whale accumulation. Taken together, these factors augur well for the market and indicate a strong recovery phase with Bitcoin at the forefront.
