bitcoin-analysis

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

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.

Technical Analysis

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

bitcoin chart

Previous articleBitcoin ATM: How it Works and Where to Find One
Next articleIncrease in Bitcoin Addresses as More People Join the BTC Price Surge
CoinColony brings you latest updates and Crypto analysis on daily basis.

LEAVE A REPLY

Please enter your comment!
Please enter your name here