Categories: BitcoinNews

Bullish sentiments strong! Bitcoin [BTC] crosses key resistance after 9 months

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.


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Ishan Garg

Ishan is a cryptocurrency trader and a journalist. He joined the cryptocurrency space in 2017. He is the founder of Blockmanity. He is a HODLER and is holding BTC, ETH & UGT.

Share
Published by
Ishan Garg

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago