The last two days were no less than a nightmare for the entire crypto-verse. Almost all the assets were losing all their gains that they had garnered over the recent crypto rally. However, this seemed to be a passing cloud as all the assets were back in action.
The price and market cap of Bitcoin [BTC] had been enduring a major crash. But, during the time of writing, BTC was priced at $50,340 with a 5.74% surge in the last 24-hours. All the other coins were noted following a similar trend. The overall market cap of the crypto-verse diminished after BTC’s value seeped down to a low of $800 billion. This aspect was also noticed mending itself, as the king coin’s market cap was making its way back into the trillion-dollar realm.
While the latest trend proved that cryptocurrencies are incredibly volatile, several expressed fear about investing in these assets. The crypto community, however, speculated that this was a minor setback before a big jump.
Bitcoin one-hour price chart on Binance
Bitcoin declared that it was trying to get rid of the bears in its market. The short-term price chart of BTC affirmed that the king coin was successful in ousting the bears and welcoming the bulls.
The Parabolic SAR indicator formed a line of support. This line stood below the candlesticks serving as a bulwark against any possible downward breakout.
The MACD indicator had undergone a trend reversal from a bearish to a bullish crossover. This could possibly go on for a bit, considering the disparity between the MACD line and the signal line.
The Relative Strength Index indicator that the sentiment in the BTC market was relatively neutral. However, an inclination towards the buyers’ side was detected.
Bitcoin one-day price chart on Binance
The ends of the Bollinger Bands indicator were observed, preparing for a convergence. This suggested that the BTC would be encountering limited volatility.
The Awesome Oscillator was seen dwelling in the bearish zone with the formation of red closing bars. The Money Flow indicator was seen by the 60 median which is considered to be bullish.