The crypto globe is up and rising as the space brings in greener numbers to digital assets. Several digital assets from the industry have portrayed a notable bounce from the bottoms. The star crypto Bitcoin has scripted praise-worthy gains that have instilled faith amongst Bitcoiners and the crypto market in general.
Bitcoin taking a heroic leap above $42,000 has helped the fear and greed index rise up. Although still under the periphery of fear, the score numbers stand at 45, which is now on the verge of reaching neutrality. Bitcoiners are now optimistic of BTC price claiming higher cliffs, as indicators and metrics fall in place in favor of the asset.
Are These Metrics Signalling The Incoming Bull Run?
The crypto market has been retracing its path towards the stability of the bulls. The market capitalization of the industry rises to $2.05 T, with a positive change of 3% in the past 24-hours. Likewise, the star crypto Bitcoin has rolled up its sleeves. And is currently changing hands at $42,872, which is up 3.2% since the previous day.
The kingpin Bitcoin has broken the downtrend line, which has been tormenting since November.
Successively, the RSI has broken out of the downtrend, which proponents believe to be a bullish signal. Historical experiences suggest that a similar event took the price to a 130% run. In addition, the weekly Heikin-Ashi has also been green, closing the week would be a major trend reversal signal, that proponents consider being highly reliable.
What further fuels the possibility of a continued bullish run, is the growing scarcity factor. According to sources, the illiquid supply is growing nearly twice as fast as the new supply. Which was an imperative factor in BTC’s run to its ATH in the recent past. Moreover, the halving of Bitcoin has its set of offerings for the digital asset.
Moreover, recent events such as Everbrowl opting out FIAT for BTC, $7.3 B credit union allowing members to buy and hold BTC. And $3 B Unify Financial Credit Union launching Bitcoin services, amongst others have been an addition of feathers to the crypto’s cap.
Where Is Bitcoin Heading Next?
As previously mentioned, the star crypto Bitcoin is changing hands at $42,872, being up 3.2% over the previous day. The growing metrics have enticed traders to pin hawkish sight over the digital asset. Bitcoin has surpassed its resistance zone at levels around $42,600, the next resistance remains around the $43,200 zone. A break above which could take the asset towards $45,000. Which would further fuel optimism for a run to $50,000.
Summing up, the overwhelming metrics have been fueling optimism around Bitcoin, which in turn has been fueling the entire fraternity. As believed by older hands, the star crypto has rebounded from the gloom of FED, America Competes, inflation, amongst others. A continued bullish momentum would open doors to the $50,000 milestone in near future.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-on-a-bullish-run-to-50k/