Bitcoin made a return to another key level. Less than five minutes to the time of writing, the apex coin saw a notable push past $18k. The surge is no surprise as a weekly pointed to the asset flipping the highlighted mark.
After acknowledging the two-day increase the coin experienced, it stated that if the trend continues, we may see BTC gain stability above $18,000. Nonetheless, there were several build-ups to the current feat. It started on Sunday.
The largest cryptocurrency by market cap flipped $17k and closed the previous week above it. Most traders speculated that the upward drive may come to an end. However, trading actions over the last four days proved this wrong. A look at the chart below says why.
We noticed that since the week started, BTC has had no red candles. Wednesday was the most bullish as it broke the trend of record increases of less than 2%. It opened trading at $17,448 and made an attempt at $18k as it peaked at $17,992.
Nonetheless, it closed with gains of almost 3%. It continued its bullish pattern during the present intraday session. The current momentum of the market may be enough to sustain prices above $18,000. A look at the 5-minute chart sheds more light on this.
Bitcoin is Showing Signs of Slowing Down
On the five-minute timeframe, we noticed an unfolding event that suggested that the apex coin may be gearing up for more movement. One such is the Moving Average Convergence Divergence. The image clearly shows that BTC had a bearish divergence which may be the signal for more downtrends.
The Relative Strength Index also agrees with this as we noticed an increasing trajectory to the downside. As at the time of writing, the metric is getting close to dipping below 50 which indicates a surge in selling volume. Nonetheless, we noticed that the asset under consideration is still exchanging above its longest Moving Average in this timeframe.
If the downtrend continues, we may see the top coin lose the $18k support. Price movement shows two red candles already which signifies an impending retest of this key level. Nonetheless, BTC may close above $18,000.
