Bitcoin price continued its recovery, breaking above the $45,000 mark.
At the time of writing, the digital gold is trading around $45,200 — higher than the previous local high reached on January 13 at $44,500.
The uptrend is developing against a backdrop of gradually diminishing trading volumes, and the RSI indicator on the four-hour chart points to overbought conditions. This suggests a likely correction in the near term.
On the daily chart, Bitcoin’s price has remained below the 200-day moving average (MA) since the start of the year — a rough boundary between a bull and a bear market.
In mid-January, the crossing of the MA 50 and MA 200 occurred — a signal many technicians take as confirmation of a downtrend.
On the other hand, the on-chain indicator aSOPR since early February has remained above 1. This indicates improving market sentiment and that most investors are taking profits rather than losses.
Over the last 24 hours, Bitcoin rose 5.7%, in 7 days — 17.5%, according to CoinGecko.
Bitcoin’s rally has revived the rest of the market. Below is the top ten by market capitalization:
Among the top-10, XRP showed the largest 24-hour gain — 22.2%.
Total market capitalization stands at $2.16 trillion, BTC’s dominance index at 39.7% (according to CoinGecko).
Analysts at Fundstrat forecasted Bitcoin reaching a local bottom in the coming months.
Subscribe to ForkLog news on Telegram: ForkLog Feed — the full news feed, ForkLog — the most important news, infographics and opinions.