Bitcoin [BTC] had been spiraling downwards over the last couple of days. After nearly quadrupling, BTC fell by over 10% and stayed down by $31K. However, a sudden rise in the king coin was instigated by SpaceX founder and long-time crypto proponent, Elon Musk after he added “Bitcoin” in his Twitter bio.
Musk has been a prominent supporter of cryptocurrency but this move took it to the next level. During the time of writing, BTC was trading for $37,532.83 with a whopping 20% surge in the last 24-hours – undoubtedly the weekly high of the king coin. Bitcoin’s recovery from a low of $29K was notable as it sprung up intensely. BTC did not give up on its position as the king coin as its market cap was recorded at $683.22 billion.
Things were beginning to change as almost every cryptocurrency was seen riding the bull. The crypto market had endured a setback recently. The market cap of the crypto-verse had also taken a hit and slumped down to $900 billion. But at the time of writing, the overall market cap of the crypto-verse was at $1.04 trillion.
While Musk has, in the past, tweeted in favor of Dogecoin [DOGE], he decided to steer away from his favorite coin this time.
Musk wasn’t the first to do so as several prominent personalities have expressed their support for Bitcoin on Twitter. For instance, Twitter CEO Jack Dorsey has been vocal about his stance on Bitcoin as it made its way into Dorsey’s bio a long time ago.
Catherine Coley was seen commenting on Musk’s latest move and tweeted,
#Bitcoin: Very slowly then all at once
Ray Dalio & Elon Musk: Hodl my beer
— Catherine Coley ???? (@cryptocoley) January 29, 2021
Bitcoin rides the Bull
The Bitcoin market was overhauled by the bulls. The volume in the one-hour price chart of BTC was quite high. The Chaikin Money Flow indicator was seen way above zero which exhibited immense bullish sentiment. The Awesome Oscillator affirmed the presence of bulls by forming green closing bars. The Relative Strength Index indicator suggested that Bitcoin was being overbought.
The bullish trend that the king coin was in right now could push it towards another all-time high. Here’s hoping.