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Bitcoin, Ethereum, Altcoins Show Gains
Is the cryptocurrency market finally shaking off the crisis? While it’s too early to say for sure, one thing is clear: Bitcoin, the undisputed king of cryptocurrencies, is showing signs of life.
Currently trading at around $56,634, it has shown a slight increase from the previous day’s closing price of $56,624. In the last 24 hours, Bitcoin’s value has increased by almost 4.3%. Let’s delve into the market dynamics of Bitcoin through trend lines, volume and technical indicators.
Tracking Bitcoin’s Upside Potential
For Bitcoin to signal an uptrend, its price must show a steady upward movement. On June 5, Bitcoin peaked at $71,120, but soon afterward fell to a low of $60,237 by June 24. It showed signs of recovery on June 30, but lost momentum, continuing its downward trajectory in the following days.
Market expectations suggested a reversal around the $58,000 mark. However, this was not the case as the price of Bitcoin fell below this threshold on July 4. A bullish trend would be confirmed if Bitcoin breaks out of the recent high of $62,806 and maintains an upward trajectory.
Bitcoin Volume: What It Transmits
In a bullish scenario, rising prices should be supported by rising trading volumes. Over the past 24 hours, Bitcoin trading volume has decreased from $53.74 billion to $35.05 billion. Yesterday, a significant increase in volume was observed, which helped keep the candlestick body small, although red. This indicates a fierce battle between buyers and sellers.
Bitcoin Technical Analysis
For an asset to be in a bullish phase, its price should remain above significant moving averages such as the simple moving average (SMA). Currently, Bitcoin’s SMA stands at $59,898. Since June 10, Bitcoin’s price has been below this SMA. On June 30, there was an attempt to break the SMA, but the price fell below it again on July 3.
The Relative Strength Index (RSI) helps gauge the strength of a trend. An RSI value between 30 and 70 generally signals a stable uptrend. Currently, Bitcoin’s RSI is at 28.41, which indicates that it may be approaching an oversold condition.
Altcoins Show Positive Momentum
Bitcoin is not the only cryptocurrency making waves. Over the past 24 hours, most of the major cryptocurrencies have seen gains. Ethereum is up 2.8%, while BNB and Solana are up 6.8% and 8.8%, respectively. XRP and Toncoin have also shown impressive gains of 5.0% and 13.2%. Also meme coins as Dogecoin and Shiba Inu have seen an upward trend, with Dogecoin up 10.9% and Shiba Inu up 15.1%.
While it is premature to predict the future direction of the cryptocurrency market, the recent rally in major cryptocurrencies is a positive sign. The market has shown significant momentum over the past 24 hours, suggesting potential for continued growth.
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Please note that past performance is not necessarily indicative of future results.