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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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Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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