Bitcoin is at full bull-mode since the March 2020 crash. Currently, it is pumping non-stop without significant correction (20-30% correction is very normal in a bull market.) Bitcoin has even broken an all-high time record since its decline in January 2018 from $20k. Last time when it went above $20k it could not hold for much longer and crashed shortly after.
Will it do the same now that it has reached the $17k mark? Let’s take a look at the factors causing it upward direction.
Institutional adoption is growing fast and several companies like Microstrategy and Square has already bought Bitcoin as a hedge against Fiat. Despite its business connections, Bitcoin is still not as talked about as the 2017 craze, according to Google Trend’s retail interest.
It may take more of a public adoption in order to hold its ATH (all-time high) this time around.
Now let’s get technical. Here are a few trends that make BTC look stable.
- BTC/USD pair is currently in range bound and this can be a signal of a strong uptrend.
- Bitcoin price is trading above a 21-Day WEMA (Weighted Estimated Moving Average)
- The RSI (relative strength index) is at 50