The road to recovery wasn’t tough to navigate for the world’s largest cryptocurrency, Bitcoin [BTC]. After multiple struggles to push past $49K, BTC was finally on the clear to move beyond $50K.
With its impeccable price change, the king coin managed to elevate its presence in the financial sphere. This fivefold surge in the asset’s price implanted a series of investors to pour into the industry. Over the last couple of months, Bitcoin remained in the overbought zone, which prompted a positive market sentiment. It seems like this trend could prolong.
During the writing time, the king coin was trading for a high of $51,033.45, with a 4.69% rise over the last 24-hours. While the asset is still quite far from its all-time high of $58,330.57, the bulls in the king coin’s market could speed up this journey. The market cap of the cryptocurrency was also seen figuring its way back to $1 trillion.
Bitcoin [BTC] one-hour price chart
Bitcoin [BTC], one short-term price chart, announced that the bulls could help the asset push past an immediate line of resistance at $51,639. The Parabolic SAR indicator formed a dotted line below the candlesticks, further diminishing the asset plummeting chances below $50K. The Awesome Oscillator with green closing bars instilled the chances of an uptrend. This potential upward movement could help BTC hit $52,222.
The Relative Strength Index [RSI] indicator was in sync with the ongoing bullish trend in the BTC market as it suggested a buyers’ sentiment.
Bitcoin [BTC] one-day price chart
Just when the Bitcoin community took a sigh of relief, bear sightings were reported in the asset’s one-day price chart.
The Chaikin Money Flow was over zero and continued exerting a bullish momentum. The MACD indicator, however, was seen dwelling in a bearish crossover. Nevertheless, the MACD line was seen going in for a bullish crossover with the signal line. This could mean that BTC might be making its way towards its ATH of $58K anytime soon. But, the bears could slow this process down.
The Money Flow Index indicator was down south, exhibiting a sellers’ sentiment in the BTC market.
All signs look positive for Bitcoin to make its big comeback. While the king coin’s short-term price chart affirmed that the asset would indeed move past $52K, the long-term chart revealed that the asset’s journey to $58K could be interrupted by the bears for a bit.