Bitcoin Breaks Through the $7400 Barrier
By Tyler Smith – Cryptocurrency Investor
Since its price last plummeted on Nov. 25, Bitcoin made a 10% leap earlier today, getting past the stubborn $7400 ceiling before going past the $7500 at the time of writing. This suggested the bulls were back to buy Bitcoin.
Bitcoin is trading around $7570 after scratching $6900 a little earlier in the day. In the past 24 hours, the price went up by 6% cutting the crypto giant's losses. Even though Bitcoin is still down by 19% compared to the previous month suggesting an incentive to sell Bitcoin over this period, it is up by 103% after 12 months.
Investor sentiment has been quiet since traders aren't sure if the Bitcoin price has obtained a new bottom yet. However, it is evident that the technical set up is improving, making it more functional and encouraging more to buy and sell Bitcoin.
Nevertheless, the Create Index and the Crypto Fear reveal that sentiment is extremely worrisome. The figure is expected to improve if the candle can close above the resistance of $7350 but is currently suggesting ‘Fear’ which could result in many users selling Bitcoin.
The Bitcoin Network Value to Transactions Signal offers some insight into the world's biggest cryptocurrency's current price action. This indicator identifies market tops and bottoms by signaling oversold and overbought conditions using the network value divided by 90 day Moving Average (MA) of daily transaction value. According to this, any NVT level over 145 is overbought and below 45 is oversold. The NVT signal level at the time of writing is sitting around 67. This could suggest many could look to buy Bitcoin from this indicator. During bull markets, the BTC price remained over the 200-DMA.
Other major coins from the top 10 by market capitalisation were up between 2 to 5.7% in the same day but buying and selling Bitcoin still dominates the markets with greater than 60% of total market capitalisation since June.
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