Bitcoin has risen above the $47,000 mark, signaling a significant breakthrough in its recent bull run.
As of this writing, the Bitcoin price is trading at $47,229.30, reflecting a solid 1.74% increase over the last 24 hours.
BTC/USD Price Chart. CoinMarket Cap
The sharp increase in Bitcoin's price is coinciding with the crypto market's newfound fervour, with Bitcoin being a trigger for the growing institutional acceptance.
Lately, investors' interest in Bitcoin and its trading volume have surged, catapulting its market cap to an impressive $928.81 Billion, a 1.74% increase within just one day.
BTC/USD price chart: TradingView
The latest events in the cryptocurrency market are mirroring a bull run. Bitcoin market is also accentuated by technical indicators measuring the technical performance of the cryptocurrency.
The Relative Strength Index (RSI), an oscillator that measures the momentum and velocity of price changes, has entered the overbought zone, currently reading at 71.55. This is a sign of increased buying pressure, which may lead to more price increases in the short term.
Likewise, the Moving Average Convergence/Divergence indicator (MACD), which computes the difference between two moving averages, has formed a positive signal, wherein the MACD line is above the signal line. The MACD histogram is turning green bars, meaning a robust upside pressure in the market.
Bitcoin price action in recent days is close to breaking the vital resistance levels, especially the $48,000 resistance level, which has been a barrier to further upside.
Bitcoin seems to be climbing steadily above this level and rising up to $56,970. These key levels may pose challenges to Bitcoin’s upward momentum.
Also, the crypto asset could be looking for a possible retest of the bull momentum at the $45,000 ascending trendline resistance mark in the coming sessions before further Bullish movement.
In general terms, the current market signals mirror a favorable outlook for Bitcoin, with investors regaining the bullish outlook for the long-term growth prospects.
The focus will remain on Bitcoin as it continues to dominate the cryptocurrency market. This will be how long its upward trend will last, and if at all, it will register new highs even greater than the current ones.
On-Chain Media articles are for educational purposes only. We strive to provide accurate and timely information. This information should not be construed as financial advice or an endorsement of any particular cryptocurrency, project, or service. The cryptocurrency market is highly volatile and unpredictable.Before making any investment decisions, you are strongly encouraged to conduct your own independent research and due diligence
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