Bitcoin is back in the race to $100,000. The cryptocurrency has been on a tear since January with a massive run-up in price and market cap. The crypto bull run has led to more mainstream attention for Bitcoin, which is likely to continue as the year progresses.
In the last week, Bitcoin has been on a tear. The cryptocurrency’s price is now back in the race to $100k. Read more in detail here: what is the latest news on bitcoin.
Bitcoin has a tendency of surprising people. Like what occurred on Friday, August 13th.
Millions of BTC shorts were liquidated in an instant as it breached $46k to set a new H2 2021 high of nearly $47.5k.
The Current State and Performance of the Bitcoin Market
This demonstrated the power and desire of Bitcoin bulls. Despite the fact that the Bitcoin follow-through after $42k was not obvious, prices maintained. It’s even after some critics expressed concerns about what they saw as an overvaluation.
Many tradfi macro people were long and seeking to flip when we reached 45k in Q1. Non-believers were pushed out by the 30k drop. The Lord may now carry $BTC to the promised land, according to the natives.
August 13, 2021 — Kyle Davies (@kyled116)
Nonetheless, the consolidation offered an ideal chance for day traders to use different scalping methods to profit from price fluctuations in shorter time frames such as 5 to 15 minutes.
The Bitcoin price is up double digits in the past week of trade, up 10% versus the US dollar at the time of writing.
Meanwhile, after yesterday’s rise, there has been a pause, culminating in a bull flag on the 1-HR chart. Despite this, trade volumes are typically strong and above normal. It may be an indication of traders’ confidence as they prepare for greater highs.
According to Bitcoin technical analysis on the daily chart, the uptrend is strong. The bar on August 13 is a high-volume, well-defined prominent bar that has resulted in a bullish engulfing pattern, driving BTC/USD values to new H2 2021 highs—a breakout in shorter time frames.
Swing traders may look for entry in lower time frames when the BTC/USD bulls scream, printing a clear trajectory, and ride the ensuing bullish breakout pattern.
Swing trading techniques may be able to help active traders who wish to ride the trend without committing to lengthy hours in front of a computer in this situation.
The Bitcoin/USD Road to $100k Is Still Open
Despite some detractors claiming that Bitcoin is in a bear market, PlanB’s model shows that the road to $100k is still intact.
The price of bitcoin, its 200-week moving average, and its market capitalization are all increasing. pic.twitter.com/IAtvSUB6Tb
— August 13, 2021 (@100trillionUSD)
Bitcoin’s realized cap is increasing, according to a well-known on-chain technical expert. A larger realized cap corresponds to more confident bulls, since it multiplies the current BTC price by the recently moved but unspent coins (UTXO). It demonstrates trader strength.
The amount of money held in the #Bitcoin network has now surpassed all-time highs.
The network now has $47k in its bank account, up from $64k in April.
This is calculated by adding the prices paid for each coin in the circulating supply of BTC. https://t.co/a7cCbXAmXS
August 14, 2021 — Willy Woo (@woonomic)
Prices are also higher than the 200-week moving average. It should be mentioned that the moving average is one of the most popular bitcoin indicators, with thousands of traders using it.
Vinny Lingham, the CEO of CivicKey, maintains a six-figure goal of $100,000. Following a drop below $30k, which flushed out weak hands and non-believers, Bitcoin values are expected to rise to six figures in the next rebound.
We’ll likely break $100k in #Bitcoin this year if $30k holds!
June 27, 2021 — Vinny Lingham (@VinnyLingham)
Golden Cross of Bitcoin
Bitcoin is on the verge of creating a “Golden Cross,” according to another dealer. When the 50- and 200-period moving averages cross to the upward, this indication appears.
#BTC is on the verge of a new Golden Cross$BTC #Crypto #Bitcoin pic.twitter.com/zrapDJBjMb #BTC is on the verge of a new Golden Cross$BTC #Crypto #Bitcoin pic.twitter.com/zrapDJBjMb
August 13, 2021 — Rekt Capital (@rektcapital)
When the 50-day moving average crosses over the 200-day moving average, a Golden Cross is formed. It’s a bullish indication suggesting a long-term change in momentum, and it’s one of the most carefully followed moving average techniques.
Trading View provided the charts.
Disclaimer: The views presented do not constitute investment advice. Do your homework.
The why is crypto booming is a question that has been asked many times. There are many reasons why the cryptocurrency market is booming, including Bitcoin on a Tear, BTC/USD Back in the Race to $100k.
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