The price action of the past 14 hours placed Bitcoin on the trend charts as it retested levels it hadn’t seen in the last month. The move has left many traders optimistic about the price action in the coming days.
One analyst took this to be a composite sign that the bear market is ending. As a result of the recent performance, BTC marks its sixth straight day of consistent price increases.
The uptrend started on Wednesday, when the Apex coin retested levels it hadn’t seen in more than 60 days. It is safe to say that the bulls defended $18,700 which led to more results. For example, the Apex coin saw its biggest rise on Friday when it closed with gains of over 10%.
It opened at $19,300 and closed at $21,300, which was the first time it tested the $21,000 resistance in more than a fortnight. The largest cryptocurrency by market has since continued to post modest gains up to the most recent milestone.
The derivatives market is not as active as it used to be. One indication of this is the current number of open interests. The current trading volume is $30 billion compared to $40 billion in previous months.
Nonetheless, $188 million in REKT was received in the last 24 hours. 65% of the total liquidation came from short positions. In reaction to the move to $22,400, multiple indicators are pointing to further price action.
Bitcoin rises above its pivot point
According to the Pivot Point Standard, it is safe to say that Bitcoin will continue to enjoy uptrends. Its current price indicates that it is trading above its pivot point. The Relative Strength Index is another bullish indicator.
The metric has been steadily increasing since Wednesday and is at 60. The Moving Average Convergence Divergence is also in an uptrend. For example, the 12-day EMA is about to break out, while the 26-day EMA is slowly closing the gap.
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