It’s been a very long time since the last downward bitcoin price correction and many people are starting to take a much more bullish outlook on cryptocurrencies. It’s no secret that the bitcoin price has been hovering at its all-time high for months with little evidence of it coming down anytime soon. However, quite a few people are now saying that, instead of the countless negative signs that it’s been showing lately, it’s finally on the verge of reversing into a bull trend.
The recent bitcoin price correction has officially come to an end and as we speak, the bitcoin price has staged a strong recovery of around 6%. At the time of writing this, it’s currently trading at $6,414.76 (as per Coinmarketcap) with no sign of stopping up anytime soon. The price has increased by $361.00 in the past 24 hours. One of the biggest reasons why this particular price correction is possible is due to a huge increase in trading volume and liquidity that’s been witnessed in the past 24 hours. The main cause for this massive influx of activity is all those bots that made their way onto the bitcoin network which caused an air of uncertainty and instability to arise. Even though these trading bots have been under fire ever since they surfaced, it seems they’re not going anywhere anytime soon. On top of all this, we have to take into account all those new platforms where a lot of people are investing their hard-earned money into buying these cryptocurrencies.
Polkadot Price Technical Analysis
The bitcoin price has been able to stay above the $6,400 mark for the past 24 hours, which is a pretty good feat for a correction. Although it’s still unclear how long this trend will last, we know that there aren’t any massive signs of a reversal shortly.
However, we do expect the price to increase in the days to come and head towards the $7,000 mark before it’s able to break out of this bearish circle. If an uptrend is confirmed by any traditional technical indicator such as MACD or RSI (both of which are now bullish), then BTC may go back up even further towards the $8,000 mark. If the price manages to stay above $6,500 for a few days in a row, then we could expect it to surpass $7,400. Another thing that we need to take into account is the fact that huge bids are being placed at the moment which has increased the trading volume of bitcoin by over $5 billion in just 24 hours. This sudden increase in demand has caused all the downward pressure on its price to come tumbling down and hasn’t failed to attract investors. As soon as this correction has run its course, BTC will be able to stabilize itself at some point between $7,400 and $8,000.
The Polkadot price prediction: Is it reversing into a bullish trend?
Since the last few days, we have seen an increase in the trading volume of bitcoin that has caused a lot of upward pressure on its price. This is mostly due to the surge in demand for cryptocurrencies as there are lots of investors who want to cash out their altcoins and trade them for some Bitcoins. The market has been reacting positively to this recent development and this is one of the major reasons why the bitcoin price is up by $36.00 at moment!
This bullish trend can be confirmed by observing any traditional technical indicators such as MACD or RSI (both of which are now in a bullish position). These indicators show that BTC can go back up to around $7,600 in the next few days before it stabilizes at some point below the $6,000 mark. If the price goes past this area, then we will most likely see more upward movement towards a new all-time high. The bitcoin price is currently trading above its 200-day moving average and this is a good sign for bulls. The current market sentiment remains bullish overall but it’s not infallible and there are always risks worth taking into account when investing in cryptocurrencies. Many factors go into making up a cryptocurrency.
