- Bitcoin price has factored in a 2.01% increase in the last 24 hours.
- The cryptocurrency’s daily trading volume depicts a 28.30% dip as per CMC data.
As the community celebrates the coming of the new year, the crypto market has begun to show signs of recovery. The overall market cap shows a 2.27% increase while trading volume has taken a modest plunge. Meanwhile, another new season of X/crypto drama has ensued with Elon Musk’s recent endorsement of Keikus Maximus.
Notably, the largest cryptocurrency, Bitcoin, has shown a price increase of 2.01% in the last 24 hours. In the morning hours of January 1, BTC was trading at a low of $93,337 after which it began to climb upwards. The cryptocurrency progressed to the $94K zone yet another time in the past week.
While price consolidation seemed to be the next step, Bitcoin has surprised community members in the past hour. It has sustained the price surge and entered the $95K zone. According to CMC data, Bitcoin was trading at $95,573 at the time of writing.
Meanwhile, market analyst Ali has marked a support level of $88,000 for BTC to keep up with in order to combat bearish markets. However, he predicted that if Bitcoin’s price falls below the above-mentioned support, it might retreat to the $71K level.
Zooming out, over the past week, the cryptocurrency still clocks in at a 2.79% price drop owing to the free fall from $97,000 to the $93,000 support levels. At the week’s beginning, Bitcoin was trading at a price of $98,364.
Will Bitcoin Price Begin its Bull Run Soon?
As we sought technical indicators to analyze Bitcoin’s price action in the coming days, speculative results emerged. Firstly, Bitcoin’s bull power indicator value stands at 3.00, while its bear power indicator value is -4.29, as per TradingView data. This reflects how the bears are still consistently overpowering.
BTC/USDT Daily Price Chart (Source: TradingView)
However, Bitcoin’s current price is trading above its Hull Moving Average (HMA) suggesting a positive trend. Additionally, its RSI (48.72) has shown a sharp spike in the past few hours and is inching closer to a neutral market sentiment.
These indicators suggest BTC’s potential for a bull run in the coming days. Finally, altcoins such as XRP and Ethereum have also shown price increases in the past day.
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