A few seconds to the time of writing, Bitcoin flipped the $46k resistance. It is noteworthy because this the first time since January 6 that the apex coin is returning above the said mark. With the increase thrilling the bulls, the bears are at the receiving end as short positions worth a little above $40 million got REKT over the last 4 hours.
The hike started as BTC was losing momentum and many concluded the current intraday session may end with the apex coin down by a few percent. According to Cryptocurrenciestowatch, the hike above $46k took barely 30 minutes.
The latest move has garnered a lot of reaction from traders. While some are skeptical and call the latest pump a ploy to delay the inevitable drop to $42k others believe the next shot will be at $50k.
Currently, more than 70% of HODLers are in profit. While 14% are still down by a few percent. On-chain analysis shows more bullish concentration above $46k which may mean that the a new weekly high could be inbound.
Bitcoin Flips Bullish
A few days to the time of writing, the Moving Average Convergence Divergence hiked above 0, which suggested that the asset was bullish. However, the most recent feat solidifies this claim.
The Relative Strength Index surged to its highest since February. It was at 67 at the time and warned that further uptrends could make the apex coin an overbought asset and bound to retrace.
Nonetheless, BTC flipped its pivot point on Tuesday and has experienced more price increases. Additionally, the current price indicates that the largest cryptocurrency by market cap is edging closer to testing its first pivot resistance.
MACD’s histogram also supports the previous statement as it is printing more bullish signal – showing that bitcoin is experiencing more buys at this time and could push forward for a new high.
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