Bitcoin’s [BTC] Strong Buyers’ Sentiment Could Drive Its Price To $62K

Bitcoin’s [BTC] Strong Buyers’ Sentiment Could Drive Its Price To $62K

The crypto-verse was getting back on track. Bitcoin [BTC] was aiming for a new all-time high as all the assets followed. Ethereum [ETH], Binance coin [BNB], XRP were all noted recording new highs. The overall market cap of the crypto industry was seen at $2.06 trillion with a 3.57% daily rise.

Bitcoin, during the time of writing, BTC was trading for $60, 819.12 with a 4.69% surge in the last 24-hours. Despite this noteworthy rise, the dominance of the king coin had slumped down to 55%. The market cap of the asset was at par with the increasing price of the coin. At press time, the market cap of BTC was at $1.14 trillion.

While the asset went up to a high of $61,683, last month, the chances of the king coin hitting $62K were quite steep.

Bitcoin [BTC] Four-Hour Price Chart On Binance

Bitcoin
Bitcoin’s [BTC] Strong Buyers’ Sentiment Could Drive Its Price To $62K 1

The bulls were seen trying hard to push BTC to $62K as they were camping in the short-term price chart of the asset. The Parabolic SAR indicator had laid down dotted lines below the candlesticks. These lines further acted as a barricade against the bears and any sudden downfalls. The Chaikin Money Flow indicator was over the zero median in the bullish arena.

The Awesome Oscillator indicator had formed green closing bars indicating the presence of the bulls in the BTC market. All these signs seemed favorable for the asset, despite the HSBC ban on Bitcoin.

Bitcoin [BTC] Four-Hour Price Chart On Binance

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Bitcoin’s [BTC] Strong Buyers’ Sentiment Could Drive Its Price To $62K 2

The four-hour price chart of the king coin was seen exerting a buyers’ notion. The Relative Strength Index [RSI] indicator suggested that the asset was close to being overbought. Additionally, the Money Flow Index indicator was also mirroring a similar sentiment.

While the price of Bitcoin was staggered at $59K for quite a while, the asset didn’t take too long to bounce back. Once again, the CEO of Tesla, Elon Musk tweeted about the progress of the king coin.

Published at Sat, 10 Apr 2021 19:00:00 +0000

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