BTC Soars $2,000 In Hours, The Market Returns to the Upcycle

 2021-03-29 11:27:20

After an uptrend weekend, Bitcoin starts the new Monday following the exciting news that Visa accepting payments in USD coin.

 

Today, Bitcoin showed a powerful strength and increased more than 2,000 points from 8 a.m.(UTC). It seems that is has found its support line on top of the 50-day moving average line and stayed firmly above the support line at  around $54K. As of now, the daily high is above $58k and now it is hovering at $58K.

 

In terms of the momentum indicator RSI, analysts at Bexplus saw a bullish divergence on the 4-hour chart, which is another bullish sign for the short-term. As of now, the daily RSI trades well above the upper line, indicating that the bulls are in control of the market. The bullish sentiment continues to heat up. If the price can stabilize the $58,000 position in the near future, the increase is expected to continue further and test the early $60,000 mark.

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DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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