After rising to $22,000 on 8 July, Bitcoin [BTC] bulls have one more reason to rejoice. The crypto king broke the $20,000 mark towards all odds on 14 July.
The intraday low of Bitcoin on 14 July went to $19,613. Nevertheless, the patrons stepped in with demand and BTC ultimately crossed the vital psychological stage of $20,000. At press time, Bitcoin was at a precise worth of $20,873- a 5.55% rise within the final 24 hours.
Bears in disbelief?
Regardless of the latest uptick, the indications on the worth chart had been skewed in the direction of the bearish facet. Take into account this- On 12 July, the 20-period EMA was under the 50-period EMA. An identical scenario was noticed on 13 and 14 July. This indicated that Bitcoin’s short-term transfer was extra favorable for sellers.
Whereas Bitcoin’s worth has elevated, the 20 and 50 EMA haven’t overlapped. Moreover, the chart, at press time indicated that the 20 EMA would possibly quickly overtake the 50 EMA. If that occurs, it could be a great alternative for short-term merchants to make earnings.
Curiously, the Relative Power Index (RSI) has additionally seen some upside publish 13 July. On the time of writing, the RSI stood on the 60 mark, properly above the midpoint.
Supply: TradingView
Given the unprecedented enhance within the king coin’s worth, the principle query is – Will BTC proceed its upward trajectory?
Possibly, perhaps not
Whereas that may very well be a troublesome query to reply however on-chain metrics can positively give some readability.
In line with Santiment, BTC lively addresses have elevated during the last 24 hours. Whereas it was round 860,000 on 14 July, the press time quantity stood near 1,000,000. This goes to indicate that traders’ sentiment is reviving actual fast.
Supply: Santiment
It’s a related scenario with the amount, which moved from 28.13 billion to 31.64 billion. The uptick within the final 24 hours of 15 July may very well be a sigh of aid for Bitcoin maximalists. In truth, Bitcoin’s market cap additionally recovered from $376 billion to $391 billion on the time of writing.
Supply: Santiment
In the meantime, the present state of the crypto market might imply that Bitcoin has nonetheless not overthrown the intense volatility plaguing it. Nevertheless, the short-term worth upticks virtually assure bullish believers of aid. However, let’s not neglect that it doesn’t signify the top of the promoting stress.
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