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Bitcoin [BTC] Price Analysis: Bulls look to take over as bearish momentum subsides

Namrata Shukla

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Bitcoin [BTC] Price Analysis: Bulls look to take over as bearish momentum subsides
Source: Pixabay

The cryptocurrency market has been noting considerable growth over the past few days. Bitcoin [BTC], which has been on a strong bearish market for a record time, has finally caught up with the green market and noted a bullish trend.

At press time, BTC was valued at $3,987.76 with a market cap of $69.9 billion. The coin registered a 24-hour trading volume of $8.6 billion while observing a growth of 1.09% over the past day. BTC had observed a growth of 9.90% over the past seven days, but has registered a dip of 0.23% over the past hour.

1-hour

Source: Trading view

Source: TradingView

The coin reported an uptrend from $3,572.85 to $3,925.50. Due to the recent hike in prices, the coin did not mark any significant downtrend. It traced a resistance at $3,951.12 and a support at $3,925.57.

Bollinger Bands appear to be converging, indicating a reduction in market volatility. The moving average line is under the candles and denotes a bullish trend.

Awesome Oscillator indicates a weakened bullish trend.

Chaikin Money Flow has the marker line above zero, denoting a bullish market.

1-day

Source: Trading view

Source: TradingView

The one-day chart of the coin marks a downtrend from $6,188 to $3,774.99, followed by another downtrend that extends from $5,560 to $3,938.99. The coin failed to report a strong uptrend. BTC marked a strong resistance at $4,075.34 and a support at $3,183.01.

Parabolic SAR projects a bullish market as the markers have aligned under the candles.

MACD line is above the signal line, pointing towards a bullish wave.

Relative Strength Index, on the other hand, notes that the coin has entered the overbought zone.



Conclusion

According to the indicators on the one-hour and the one-day charts, a bullish ride is predicted for the largest cryptocurrency in the world.





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Analysis

Bitcoin SV [BSV], Tron [TRX] and Litecoin [LTC] surge as Bitcoin [BTC] approaches $9,000 mark

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Source: Pixabay

The cryptocurrency market was surging again as the fork coin, Bitcoin Satoshi Vision [BSV], led the rally after a quiet weekend. The collective market cap stood at $268.7 billion with Bitcoin’s [BTC] dominance at 57.4%.

The controversy-ridden BSV managed to outshine the king coin, BTC in the latest surge, even as the latter made another leap over $8,500 and was closing in on the $9,000-mark.

Bitcoin SV [BSV]

The digital asset’s price took a major hit following Craig Wright’s rants and legal notices to several prominent persons in the space. At press time, BSV held a market cap of $1.91 billion and was priced at $106.8 after rising by 17.29% over the last 24 hours. The coin recorded a 24-hour trading volume of $414 million, with Upbit contributing over 9% via the trading pair BSV/KRW.

Source: TradingView

Tron [TRX]

At a time when most crypto-assets cooled down and retired on a bearish note over the weekend, Tron rallied following Justin Sun’s tweet, leaving the community on a bull ride.

“Something huge and amazing going about #TRON and #BitTorrent. I will share with you after June 1. I think I have 70% to win and nail it. Fingers crossed! $TRX $BTT”

TRX rose by 13.70% over the last 24 hours and was valued at $0.031. At press time, the eleventh largest digital coin held a market cap of $2.11 billion and recorded a trading volume of $1.23 billion over the past 24 hours, of which 8.9% was traded via TRX/USDT pair at BW.com.

Source: TradingView

Litecoin [LTC]

Litecoin was trading fairly well, despite few setbacks this year. LTC’s price soared mostly due to the much-anticipated halving event and several institutional adoptions. The fifth largest coin surged by 11.28% over the last 24 hours, catapulting its price to $113.6. At press time, LTC held a market cap of $7.04 billion and registered a 24-hour trading volume of $5.82 billion. Additionally, Coineal contributed a significant 11.3% trading volume via LTC/BTC.



Source: TradingView

Bitcoin [BTC]

The king coin achieved yet another milestone and surpassed $150 million market cap, as BTC approached the $9,000-mark with the latest upswing. It rallied by 8.36% over the past 24 hours and was valued at $8,698. At press time, BTC held a market cap of $154.1 billion and a 24-hour trading volume of $28.7 billion. Besides, 13.07% of the total trading volume was contributed to by Bitmex via XBT/USD.

Source: TradingView





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