Bitcoin Price Rise- 11th Week Hike Begins

  • BTC’s increase in price is 225.7% in the last two years.
  • BTC has moved above the 200 DMA as per leading crypto analysts.

Bitcoin finally seems to have a broken out of the cursed bear trend held for the last few weeks. The candles have started to march in green for the 11th week. Though the price today is $31,343 is less than the one the price a year ago $35,862, as per CMC. But comparatively, the increase in 2 years is more than 200%. 

Crypto Heatmap (Source: Trading View)

According to crypto experts, the current inverted hammer candle pattern exhibits the last low in the present downflow. And signifies the major probability of upward flow in the further weeks. One more talk in the market is that anything that happens twice will repeat itself for the third time.

Weekly Candle Representation (Source: CMC)

Though the community is quite happy about the hike in the price, the stability can be seen in the last week. The price travel was merely only between the range from $29K to $31K. Rekt Capital, a popular crypto analyst, explains BTC has moved up above 200 DMA(Days Moving Average).

Rekt Capital states:

“Historically, BTC tends to bottom at, around, or just under the 200-week moving average… $BTC would need to lose a further 25 percent to reach the 200 MA.”

Additionally, the glassnode estimates the number of BTC left to be mined over the next 118 years is roughly 1,940,482. The current market capitalization is $599 billion and the trading volume is $27 billion.

Media person with a programming background. Ecstatic about exploring worlds in and out of books. Gains confidence by trying out new things. Dedicated to upgrading knowledge about Crypto Market.