- Bitcoin is currently trading within the $91.6K range.
- BTC remains in extreme fear, with the Fear & Greed Index at 22.
A 4% gain has pushed the crypto market cap toward $3.11 trillion. All the major assets are charted in green, currently. But the broader market sentiment lingers in extreme fear. The Bitcoin market has been trapped in a bear hold for the last few days and is attempting to escape it, climbing to recent highs.
The asset’s trading pattern has undergone heavy fluctuations, and crucial resistance levels should be tested to confirm a steady uptrend. Notably, BTC has gained by over 5.35%, with the asset’s 24-hour price range observed between $86,316 and $91,897, respectively. Consequently, the asset has entered the extreme fear zone, with the Fear and Greed Index staying at 22.
At press time, Bitcoin trades at around $91,633, with its market cap settled at $1.82 trillion. Besides, the daily trading volume has soared by over 23.51%, reaching the $73.54 billion mark. The Coinglass data has reported that the market has witnessed a liquidation of $131.83 million worth of Bitcoin in the last 24 hours.
Are Bitcoin Bulls Lining up for Higher Highs?
The Moving Average Convergence Divergence line of Bitcoin is above the signal line, which indicates bullish momentum. This might be an early recovery signal or the start of a potential upward move. The wider the gap between the MACD and signal line, the stronger the bullish momentum may be.
Moreover, it is crucial to note that the money flow with the Chaikin Money Flow (CMF) indicator, positioned at 0.17, suggests moderate buying pressure in the market. A value above 0 shows the money flowing into the asset, with steady accumulation, and it does support a bullish bias in the short term.
Inferring the Bitcoin’s price chart, it shows the upward trading pattern, with the bulls challenging the $91.7K resistance range. A potent bullish correction triggers the formation of the golden cross, sending the price toward $91.8K. Conversely, assuming Bitcoin bears reenter, the immediate goal might be to find the nearby support at $91.5K. If the downward pressure intensifies, the death cross could take place, driving the asset’s price toward a low of $91.4K.
BTC’s daily Relative Strength Index (RSI) value at 68.06 hints that the current momentum is leaning bullish. The asset is approaching the overbought zone, above 70. That is a point where a pullback or cooldown becomes possible. Furthermore, the Bull Bear Power (BBP) reading of 4,692.60 signals strong bullish dominance in the Bitcoin market. This shows that the buyers are pushing the price above, reflecting solid upward momentum and strong buying pressure.