Price Analysis

Bitcoin (BTC) Takes an Intraday Bullish Toll; Trades Above $7.1k

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  • Bitcoin, at the time of writing this analysis, was drawing an uptrend after it spiked above $7k after two days of price accumulation below $7k
  • BTC retains support from the daily 200-day MA after a complex intraday movement of the coin against the US Dollar
  • Moreover, Bitcoin price has notably hit above $7k after three days of downward consolidation with a price accumulation around $7.1k
  • The technicals appear bullish as the MACD crosses above the signal line after candlestick trend revision, today
  • The price trend of BTC is already breaching above the 20-day upper Bollinger Band as the coin gains the intraday rush of momentum

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

On the intraday chart, Bitcoin is drawing a bullish wedge as the green candlesticks hit above $7.1k for the second time in the day after plummeting around $7k. The market is for sure, a volatile space at present, and BTC is exhibiting a bullish picture, laying an influential effect on the altcoins as well. After a price accumulation in the second half of the trading session, Bitcoin price reflected a positive sentiment, today.

Additionally, Bitcoin began a bullish move above $7k in yesterday’s trading session marking gains for the intraday traders. This would have been probably the first time that BTC price would have been so volatile just a month before halving and every bullish move now, is just a hope to spike and fetch gains for the investors.

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Technical Indicators

The MACD of Bitcoin is holding a bullish crossover as the MACD line crosses above the signal line due to intraday traction above $7.1k. Similarly, the RSI of the BTC lies at 62.40, and a further spike is likely to hit above 70 or the overbought zone.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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