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Bitcoin [BTC] Price Analysis: Coin reunites with the bull after escaping the bear trap

Namrata Shukla

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Bitcoin [BTC] Price Analysis: Coin reunites with the bull after escaping the bear trap
Source: Pixabay

The cryptocurrency market is witnessing a rare bull run. Bitcoin [BTC], the largest cryptocurrency in the market successfully reversed the trend from a bearish to a bullish one. The cryptocurrency was facing its longest bear market, but has managed to register growth as the market trend changed.

At press time, the coin was valued at $3,984.59 with a market cap of $69.9 billion. The coin registered a 24-hour trade volume of $7 billion while noting a rise of 0.81% over the past day. The coin reported a growth of 9.81% over the past week and is continuing to rise by a meager 0.06% within the past hour.

1-hour

Source: Trading view

Source: TradingView

According to the one-hour chart for the cryptocurrency, BTC observed a strong uptrend from $3,678.8 to $4002.4. The coin dipped and noted a minuscule downtrend from $4,064.1 to $4,025.6. The coin drew resistance at $4,064 while support was noted at $3,989.

Bollinger Bands appear to be diverging, suggesting an increasing volatility in the market. The moving average line is under the candles marking a bullish market.

Awesome Oscillator marks a bullish market gaining momentum.

Chaikin Money Flow also points towards a bullish market as the marker is above zero.

1-day

Source: Trading view

Source: TradingView

The one day chart of the coin marks a downtrend from $6184.9 to $3460, while another downtrend was marked from $6,459.1 to $4,055. BTC marked an uptrend from $3,300.1 to $3,676.4. The coin noted resistance at $4,168.4 while marking support at $3,438.4.

Parabolic SAR indicates a bullish market as the markers have aligned themselves under the candlesticks.

Relative Strength Index indicates that the buying and the selling pressures are evening each other out.

MACD line us over the signal line marking a bullish trend.

Conclusion

As per the indicators from both the one hour and one day charts, a bullish run is forecasted for Bitcoin, [BTC].





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Altcoins

Tron [TRX] surges by over 6% as token storms back into the top 10

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Tron [TRX] price surges by over 6% as token back in top 10 as bulls take control
Source: Pixabay

Tron’s [TRX] price was surging, even as the cryptocurrency market cooled down following a brief rally anchored by Bitcoin [BTC]. The collective market cap stood at $324 billion. Following the surge, the token was back among the top 10 coins of the cryptocurrency market, a month after CEO Justin Sun promised the same. His tweet had said,

“#TRON will be back to Top 10 in June! #BitTorrent will be Top 30 in Q2! Let’s wait and see! #BTT $BTT $TRX #TRX”

However, despite the fact that Tron’s native token was prospering, BitTorrent [BTT] was still down at the 35th position on CoinMarketCap.

Despite low trading volume lately, TRX gradually climbed to break its resistance at $0.035. The latest bullish swing was speculated to lead TRX to breach the much-awaited $0.04 resistance.

Tron’s climb up the charts and into the top 10 is a surprise for some, especially since Tron overtook Cardano. The Charles Hoskinson-led crypto is still on a high after recent updates in its ecosystem, including the Shelly testnet going live.

Tron however, has not being standing idly. Recently, CEO Justin Sun revealed that Tron’s DApp trading volumes has exceeded those of EOS and Ethereum. Further, the Tron Foundation recently released a version of the Odyssey update on its mainnet. Further, Tron’s blockchain saw the release of a USD-backed stablecoin by Carbon recently.

Tron [TRX] 1-hour chart

Source: TradingView

Tron was up by 6.40% over the past 24 hours, driving its valuation to $0.039. Additionally, the digital asset rose by 3.7% over the last hour, at press time. TRX registered a market cap of $2.58 billion and a 24-hour trading volume of $900 million. The exchange with the highest TRX trading volume was BW.com, contributing 9.52% to the volume via the TRX/USDT trading pair.





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