- Bitcoin has shown a modest price increase of 1.27% in the last 24 hours.
- The cryptocurrency’s daily trading volume has dipped by 11.94% as per CMC data.
The overall crypto market has shown a glimmer of hope after days in the dark consolidation tunnel. While the altcoin sector has not shown much action over the past few weeks, other sectors have been booming. Several ETP issuers are taking measures to introduce altcoin ETFs and the regulatory sector is buzzing with new laws and reforms.
Meanwhile, the largest cryptocurrency, Bitcoin, has shown a modest price increase of 1.27% in the last 24 hours. Propelled by this movement, BTC briefly tested the $88,000 range after weeks of the $85K consolidation. In the afternoon hours of March 25, the digital asset was trading at the $87.1K level.
However, as bullish candles sparked, Bitcoin surged to trade at the border between $87K and $88K, after briefly testing and failing the higher range. In the past hour, it has managed to climb to $88.1K level. At the time of writing, BTC was trading at $88,152.17 as per CMC data.
Zooming out onto its weekly chart, the cryptocurrency’s price consolidation is quite evident. While prices now show a 5.51% increase, a prolonged consolidation between $83K and $85K, can be observed mid-week. From a low of $83,546, Bitcoin has climbed to current trading levels.
Will the Bitcoin Bulls’ Slow Progress Reach $90K?
On analyzing its recent price movements, Bitcoin shows a price breakout from a recent horizontal channel pattern. Often, when such a trend occurs, it is expected to witness further upward movements. Secondly, the lack of selling activity by BTC traders as reported by prominent analyst Ali (@ali_charts) is also promising.
Moreover, Bitcoin’s Moving Average Convergence Divergence (MACD) MACD line stands below the signal line. Although this is an indicator of a bearish trend, the MACD line shows signs of moving towards a crossover.
Additionally, the Chaikin Money Flow (CMF) indicator value stands at a positive 0.03 as per TradingView data. This indicates a capital influx into Bitcoin, thus suggesting positive investor sentiment thus reiterating a possibility of hitting $90K in the coming days.
Finally, prominent crypto-based firm GameStop has announced investing in a Bitcoin reserve, which also adds to the positive momentum. Meanwhile, other altcoins such as DOGE have also shown price surges.
