Dear Readers,
Though we have witnessed the wide range of market fall, there was a quick recovery found in BTC price.
BTC was beaten to USD 40500 by yesterday. But within no time, it has rebounded to 42500 USD.
At present BTC is trading at USD 41660, an up of 0.87% from yesterday.
The global crypto market cap is slightly higher by 0.75% from yesterday and valued at 1.64 Trillion USD.
The fear greed index stands at 57 shows the neutral.
Yesterday we have mentioned about the golden cross over in BTC for the fist time.
BTC's 50-week simple moving average (SMA) of BTC's price has crossed above the 200-week SMA for the first time on record. By witnessing this move, there shows some positivity and long term bullishness in the price of BTC.
While the important technical metrices of BTC remains neutral to sell, the fundamental metrics- the Relative Strength Index (RSI) and the 30-day Market Value to Realized Value (MVRV) are showing bullish signals.
The Stochastic RSI shows an upward trend in BTC, there we can understand a technical signal called a bullish divergence.
Currently 42800 USD remains a strong resistance in the upward direction. But once BTC crosses it and breaks 43300 USD mark, there will be a consistent rise in the price of the BTC.
The noted cryptocurrency analyst AM Crypto interestingly predicts a significant upward move in BTC, with a potential target of USD 52,000 in a week's time.
If it happens, enjoy the party!
