For the first time in 272 days, Bitcoin’s moving average (MA) crossed 100 points. It passed the moving average at around $3,800 on Monday. This is followed by the highest recorded 24-hour trading volume in one year.
Bitcoin’s current 24-hour trading volume has crossed $10 billion. The last time it was this high was on Feb 2nd, 2018, where it was $10.377 billion. And the last time MA was above 100 points was on May 2018. These two signals indicate strong bullish sentiments around cryptocurrencies.
According to cryptocurrency traders, the upward move by Bitcoin is a strong indicator of the end of the longest bear market (13 months) in cryptocurrency’s history.
There’s a small resistance forming at around $4,000, crossing that should propel Bitcoin to above $4,100. It’s interesting to note, Bitcoin hasn’t been able to break the $4,100 resistance since the November 2018 crash. This may well be the first time, Bitcoin makes its investors happy after November 2018 crash.
Bitcoin’s price has suffered a small pullback after failing to cross $3,950. The current price of Bitcoin is $3,918. But bullish sentiments remain strong and crossing $4,000 should be possible. The 24 hours trading volume of Bitcoin is $10.341 billion and the current market cap is above $68 billion.
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