- Bitcoin, at the time of writing this article, was trading above $5,500 after five days of sluggish pullback
- The intraday bullish crossover ramped up the market as the price trend of BTC formed consecutive higher high at $5,686.94, until the time of writing
- Today, the coin has spiked from the utter bottom of $5,000, marking a progression of over 13%
- BTC/USD gains support from the 50-day and 200-day moving average on the intraday chart as the price spikes
Bitcoin gains intraday momentum as it rises above $5.6k after five days of a downward correction. The coin even tested support below $5k once due to loss of momentum within the said five days and lost the steady support from the daily Moving Averages.
Bitcoin Price Analysis
Bitcoin against the US Dollar is exhibiting retained an unusual movement today, as the coin manifests an uptrend and higher highs on the intraday chart. BTC/USD draws the consecutive higher high above $5.5k after a bearish dip below $5k. The recent move has pumped in growth and gained back support from the daily MAs on the intraday chart. Although, the volatility remains intact as we can’t really believe the intermittent price rise and dip.
The technical indicators laid are giving some positive crossovers as the MACD of Bitcoin is crossing above the signal, and the market seems to be pumped up. Similarly, the RSI of the coin is at 69, and a further upward momentum will breach the overbought region at 70.