The bullish Bitcoin price sentiment is growing day by day, even though the bearish sentiment hasn’t yet been eliminated.
Even after being in the green zone, the king Bitcoin BTC has had the slowest growth in comparison to other altcoins in the top 10 list.
Price chart by CoinMarketCap
The overall cryptocurrency market capitalization has been modified by the rise of most coins, and the market has prevailed at $200 billion.
At press time, Bitcoin was trading at a value of $7,381 with a market cap of above $134 billion. The volume over 24 hours was over $47 billion, with a change of 2.79 percent.
Is a Bitcoin price correction inevitable?
The buyers were successful in increasing their gains yesterday. With the $6201 mark serving as strong support for the Bitcoin price trend, it was a good day that kept climbing.
In the morning, the pair held above the $7,026 resistance point with growth resuming in the evening. The Asian session saw a new high of $7,464 from Bitcoin.
The chart shows the target growth zone, after which a decline commences. However, the morning came with a shallow withdrawal, so the pair doesn’t seem to be heading towards a decline.
The growth depends on whether the price can resist a deep withdrawal today. The closest resistance zone is at the $7,600 mark.
The king Bitcoin seems to be trading with an ascending channel on the daily chart. It was not successful in breaking the 50-day Moving Average yesterday. The long-term bearish sentiments will prevail until the coin touches the $8,000 mark.
If buyers are successful in holding above the 100- and 200-day Moving Averages, then they’ll be triumphant in securing the lead. Cautious trading is advised as always to stay safe and top of the notch.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.