Overview of Bitcoin Price Trend
Bitcoin regains the lost traction after dropping from $19.5k, $500 away from the All-Time High hit in December 2017, to $16.1k in the last week. Alongside, BTC in the previous week dropped gradually from a 3-year high and lost more than 15% in just a day, nosediving from $19.5k to $16.2k.
However, we cannot ignore that the largest cryptocurrency by market capitalization regained the lost momentum, and right from the weekly low of $16.2k, it gained 14% to subside the previous loss.
Just when Bitcoin was surrounded by many, it predicted breaching $20,000 and $25,000 by the end of the ongoing month, which is the day today. As per the current momentum, will Bitcoin bound to it’s All-time high and trade above, or will this month and year-end with a consolidation.
Having come up with a skeptical question, the major thing that matters is the community and the investors that Bitcoin and cryptocurrency have lured. Alongside, we cannot get enough of the weekly bullish candlewick move from the low of $16.2k and regain momentum.
#Bitcoin is taking on the largest, most powerful thing in on earth, the USD.
If you think we would have gotten this far, let alone maybe win without Bitcoiners’ fundamentalism you are delusional.
— BBQ OPTIMISM (@nvk) November 29, 2020
When compared with many of the assets available for investment viz., Gold, Bonds, Stocks, etc. No asset like Bitcoin provides a better store of energy and value than the US Dollar and fiat in generic terms. This is undoubtedly very bullish and has given a valid reason; it is not manipulated that was believed by the majority back in time.
This is very bullish. The more you see traditional academics say #Bitcoin isn’t a unit of account or SoV, the more likely it’ll become the narrative of this massive incoming bull market we are about to see in the coming 12 months. https://t.co/8RuBXJzP1B
— Preston Pysh (@PrestonPysh) November 30, 2020
With numerous investors getting inclined towards this asset, Bitcoin is definitely an equalizer in the economy, eliminating traditional system loopholes.
Bitcoin Price Analysis
Bitcoin’s 3-day price movement is a clear reflection of its gainful behavior and having strengthened by a similar amount it lost after being close to its ATH. It is clear that the BTC price still holds a scope of its sudden upside correction any time soon. Having traded in the upper price range, it is $1500 away from its ATH, and the history may rhyme if Bitcoin trades with the same momentum.
To know more about Bitcoin price momentum on a monthly time frame, it is clear that the uptrend is real and not illusionary. With the price gain over the past three days, Bitcoin price has seen breaching the upper 20-day Bollinger band against the greenback and regaining the lost support from the MA50 & MA200 at $17.4k & $18k, respectively.
The MACD indicator shows a clear bullish divergence with a gain in price, and therefore, the MACD line crosses above the signal line. The RSI is also holding a strong inclination towards the overbought zone at 71.65 due to increased marginal demand based on price.