Bitcoin has been holding steady over the weekend. The cryptocurrency had been able to beat the $24,000 mark last week but had retraced downward not long after. However, this retracement has not had too much of a negative impact on the sentiment toward the digital asset. As bitcoin has started upwards once more, the market sentiment has been incredibly strong.
Bitcoin Goes For $24,000
The opening of the new week saw bitcoin start below $24,000 in the early hours of Monday. This quickly changed with a rally on a 6-hour basis that saw bitcoin add more than $500 to its value. This helped it reclaim this coveted point once more, putting it firmly above its 50-day moving average. Now, the 50-day MA has always been an important technical level for bitcoin. It was one indication of the crash that rocked the market two months ago and the bear market trend that ensured. Since the digital asset has now beat this point, it has now converted the bearish indicators to bullish ones. It has also resulted in a reversal of the selling pressure in the market. Now, as buy pressure mounts, the value of bitcoin is expected to grow.BTC price exceeds $24,000 | Source:
Sentiment Remains Positive
Crypto market sentiment has not been the best in recent months, but there have been some remarkable recovery over this time. When the market crash happened back in June, sentiment had plunged far into the extreme fear territory, keeping investors from actually making any meaningful moves in the market.Featured image from Coindesk, chart from TradingView.com
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