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The overall market sentiment seemed bleak as very few coins were seen experiencing notable changes while several others…
The prominent cryptocurrency Bitcoin [BTC] was seen taking it slow over the past few days. The king coin had been resting below the $35K zone for the longest time. However, BTC was seen heading towards a change in this trend. The coin had diminished all the hopes that the crypto industry had built up for the asset. Yet, proving to be a volatile asset, Bitcoin decided to break past several lines of resistance.
The last two days proved to be remarkably beneficial for the king coin. The asset moved too close to its all-time high of $41,941.56 that it garnered about a month ago. At the time of writing, BTC was trading for a high of $40,905 with a daily surge of over 7.24%. The last seven days helped the asset bag profits of over 19%.
Bitcoin [BTC] one-hour price chart
The short-term price chart of BTC on Binance revealed moderate volume. The daily moving average indicator formed a bullish crossover. The 50 daily moving average [blue] was above the 100 daily moving average [green]. The asset started this crossover quite a while ago. The Relative Strength Index [RSI] indicator suggested that the BTC market had a buyers’ notion. In the BTC chart, the RSI marker was over 70 median, which further pointed out that the king coin was being overbought.
Bitcoin [BTC] one-day price chart
The one-day price chart of Bitcoin also entertained the bulls. The Parabolic SAR indicator laid down dotted lines below the candlesticks, which stood a wall against any inherent downtrend. The Chaikin Money Flow [CMF] indicator was way above zero, suggesting that the bulls were in the BTC market. The Money Flow Index [MFI] revealed that the coin was getting back from the overbought zone.
This bullish trend that had struck the BTC market got the crypto community in high spirits. Tyler Winklevoss gave the king coin some motivation to push beyond $41 K. He tweeted,
#Bitcoin you can do it, come on give us 41k
— Tyler Winklevoss (@tyler) February 6, 2021
Interestingly, The overall market cap of the crypto industry is hitting new highs every day. Currently, the global crypto market cap was at a high of $1.21 trillion.
