- Bitcoin jumps to 6.52%, reaching a new all-time high of 118.8k.
- Daily trading volume has skyrocketed by more than 98.71%.
- Over $678 million of BTC was liquidated during the rally.
Bitcoin (BTC), the dominant asset in the broader crypto market, is that price movements bring about a wave of bulls, illuminating green candlesticks. The assets have previously encountered repeated rejections, and as of today, BTC has broken all barriers, surged to a new all-time high of $118,856, with a jump of 6.52%.
Asset price transfer is extremely important, with fluctuations coming to the bottom area of $110,660. Bitcoin tested a series of key resistance levels from $110,672 to $118,848. At the time of pressing, Bitcoin was traded for around $118,303. In particular, BTC entered the greed zone as indicators of fear and desire were kept at 71.
Furthermore, the market capitalization is $2.35 trillion, with daily trading volumes of the largest assets exploded by more than 98.71%, reaching $1224.1 billion. As reported by Coinglas, the market has experienced a Bitcoin liquidation worth $678.14 million in the last 24 hours.
Can Bitcoin stay at a bullish pace?
The 4-hour technical chart of BTC reveals that the moving average convergence divergence (MACD) line crosses above the signal line, with greater upward momentum indicating positive emotion. Asset prices may continue to rise. Furthermore, the Chaikin Money Flow (CMF) indicator value found at 0.36 suggests strong purchase pressure in the market. Assets are actively accumulating and capital flows.
BTC Chart (Source: TradingView)
Bitcoin’s recent trading sessions show wider bullish sentiment. With bullish support, the price could rise to key resistance levels at $118,314. Further corrections on the upside could be deployed by pushing a golden cross, which puts additional pressure on it, extending the gain of the BTC by more than $118,326.
Assuming that the asset uptrend loses strength, the Bears can send prices towards the $118,289 range. Due to continuous defect correction, a cross of death may appear. Prices may be on lower prices before they fall below the $118,277 zone. Moves below this level lead to more losses and serve as important areas.
BTC Chart (Source: TradingView)
Additionally, the assets’ daily relative strength index (RSI) is located at 85.30, indicating a deep-built state. It also increases the possibility of price adjustments or pullbacks. Bitcoin’s Bullbear Power (BBP) reads 8,155.38 suggest that bullish domination is strong, pushing prices up and leaving strong bullish signs.
