Bitcoin (BTC), at the time of penning down this article, was trading at $7,898.87. Important to note that the coin has hit a fresh 30-day high around $7,900. The king of cryptocurrencies is trading with all the grounded support from the daily moving averages. It has been since yesterday that the coin and even the other altcoins of the market are exhibiting a bullish spree.
Although, the last 2 months of the bygone year have been quite despairing for the BTC lovers and loyalists. However, if the current upsurge continues to impress, BTC will soon be in a total recovery mode.
Bitcoin Price Analysis
Analyzing the 2-hourly BTC/USD movement on Coinbase, we see that the coin had taken a soaring turn just yesterday when it had hit all the major resistances around $7,500 and $7,800. For the current trading price of BTC, $8,000 is marked as the major breakthrough. Once the coin hits above the said price, we can expect a sustainable Bull Run. There happens to be an S/R Flips as $7,500 plays as imminent support subject to volatility that is exhibited by the 20-day Bollinger Band laid. Likewise, the major support lies at $7,200—where BTC was seen consolidating to a major extent in the recent past before the discussed upsurge.
Technical Indicators
The technical indicators laid confirm the total bullish crossover of the king of cryptocurrencies as the MACD of the coin is running above zero and is seen overriding the signal line.
The RSI of Bitcoin is at 76.51 and is seen trailing in the overbought region since the onset of the day, today.
