Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
  • Latest News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Fintech
    • Altcoins
  • Market Analysis
  • Resources
  • Contact
    • About Us
    • Press Toolkit
Facebook Twitter Instagram
Morning Tick
Bitcoin

Analysis: Bitcoin could face a small hurdle while it climbs to $60k

Staff ReporterBy Staff ReporterUpdated:February 20, 2021 on February 20, 2021
Bitcoin
Illustration credit: Morning Tick
Share
Reddit Facebook Twitter LinkedIn Pinterest WhatsApp Email

Bitcoin [BTC] jumped on to the trillion-dollar bandwagon as its market cap soared to a high of $1.05 trillion. The entire crypto industry’s global market cap was seen trying to achieve a high of $2 trillion. The king coin made profits of over 19.91% in the last seven days, pushing the coin’s price to a high of $57K.

During the time of writing, BTC was trading for a high of $56,803.78 with a 5.71% rise in the last 24-hours. The trading volume in the BTC market was $67.11 billion. Binance was seen recording the highest volume of over $4,736,227,392 for the pair BTC/USDT.

Bitcoin one-hour price chart on Binance

Bitcoin
Source – TradingView

The short term price chart of Bitcoin revealed that the asset could encounter a slight blip before its big break. The volume in the one-hour chart was quite lower than it was in the last couple of days.

The Awesome Oscillator indicator was seen bidding adieu to the bulls as it flipped from green and walked into the red. This further pointed at a bearish momentum.

The Relative Strength Index indicator revealed that a buyers’ market was noted on BTC’s short term chart since the RSI marker was at 60 median.

Bitcoin one-day price chart on Binance was still harboring the bulls

Bitcoin
Source – TradingView

Bitcoin’s one-day price chart suggested that the asset could experience a slight increase in its volatility as the bands in the Bollinger Bands indicator were wide apart. The chart volume was moderate, which further implied that there was not much activity in the BTC/USD market.

The Chaikin Money Flow indicator was seen on an upward trajectory since the begining of the month.

At press time, the CMF marker was seen over zero, which was a bullish sign.

The Money Flow Index indicator was seen exerting a buyers’ notion. The asset was undoubtedly being overbought throughout the month.

Amidst this, the number of BTC addresses in profit hit an all-time high of 34,827,881.101. Bitcoin is undoubtedly luring in investors as well as HODLers thanks to its ever-rising price. While the asset aims for $60K, this metric could further see a surge.

📈 #Bitcoin $BTC Number of Addresses in Profit (7d MA) just reached an ATH of 34,827,881.101

View metric:https://t.co/qLnvDYVzPt pic.twitter.com/MHvoq9SMtQ

— glassnode alerts (@glassnodealerts) February 20, 2021

Bitcoin Crypto News Market Analysis
Disclaimer
Read More Read Less
The information provided on this website shouldn’t be considered as investment, tax, legal, or trading advice. Morning Tick is not an investment advisory platform, nor do we intend to be. The publication, its’s management team, or authored-by-line doesn’t seem liable for your personal financial losses, which may be due to your panic decisions based on the content we published. We strongly recommend considering our stories as just a piece of information, unlike advice, recommendations, or requests. Some of the contents may get outdated, updated, or inaccurate despite our profound editorial policies. We urge readers to do their due diligence before making any investments decision with ongoing IDOs, ICOs, IEOs, or any other kind of financial offerings. Few outbound links may be commissioned or affiliated, which helps us grow financially and maintain healthy editorial norms. For more information, visit disclaimer page.
Share. Facebook Twitter Pinterest LinkedIn Email Reddit WhatsApp
Previous ArticleElon Musk blasts popular Bitcoin critic Peter Schiff over Gold comparison
Next Article Sydney Police nab man for trying to launder $4.3m with Bitcoin
Staff Reporter
  • Facebook
  • Twitter
  • Tumblr

Staff reporter brings the latest financial technology, cybersecurity news and tech updates.

Recommended Posts

VNX launches as the first European regulated precious metals tokenization platform

8 months ago

Matrix adds Block trading capabilities four more virtual currencies to its platform

10 months ago

OVR Global launches Map2Earn to crowdsource the largest high-precision 3D map of the world

10 months ago

Spielworks multichain treasure hunt NFT game brings users valuable rewards

11 months ago
Add A Comment

Comments are closed.

Latest

Introducing Lucky Mystery Box, Crypto lottery based on TRON with a prize pool of 1M USDT

2 hours ago

GlobalDots joins forces with Coralogix to save companies 40-70% on full-stack observability costs, launching a debut CDN log management solution

3 weeks ago

KX.finance announces upcoming DeFi/DEX aggregator launch on APTOS/SUI blockchain

3 months ago

HyperBC Group unveils Zero interest Crypto Credit Card HyperCard, obtains Lithuanian Financial License

3 months ago

Unplugged launches its mobile App Suite to help consumers reclaim their privacy

3 months ago
Morning Tick
Facebook Twitter Instagram Pinterest RSS
  • About Us
  • Press Toolkit
  • Disclaimer
  • Contact Us
  • Privacy Policy
  • Sitemap
© 2022 Morning Tick. Disclaimer: The information provided on this website shouldn't be considered as investment, tax, legal, or trading advice.

Type above and press Enter to search. Press Esc to cancel.