SNEAK PEEK
- BTC soars to $30.3K, defying market fluctuations & fueling investor interest.
- Rising demand propels BTC’s robust uptrend, attracting traders & investors.
- MACD’s bullish stance hints at potential gains, enticing traders to ride the wave.
Despite falling stocks and a rising dollar, Bitcoin has risen to $30.3K, alerting investors to the high level of profit-taking occurring recently and is now at its highest level in over three weeks. Over 20%, on average, have been used in $BTC addresses over the past year. This move suggests that despite recent market fluctuations, there is still a significant demand for and interest in Bitcoin.
? #Bitcoin has risen back to $30.3K despite #equities slumping, and the #dollar rising. Pay attention to the high profit taking happening, which is currently at its highest level in over 3 weeks. $BTC addresses in the past year are above +20% on average. https://t.co/nqesGsSmwH pic.twitter.com/iZvBRr6MZe
— Santiment (@santimentfeed) August 8, 2023
The rise in BTC addresses suggests that the market’s user base is expanding and has room to grow further. Consequently, the bulls controlled the BTC market over the previous 24 hours, pushing prices to an intraday high of $30,176.80 despite the bear’s attempts to break the trend at the intraday low of $29,136.06.
The ongoing upward trend caused the price of BTC to rise by 1.65% during this writing to $29,709.52. BTC’s market capitalization and 24-hour trading volume increased by 1.67% and 31.93%, respectively, to $577,875,616,558 and $18,063,894,998. This move demonstrates robust activity on the BTC network, crucial to its long-term success.
BTC is in a strong uptrend, as indicated by the Aroon up and down readings of 64.29% and 21.43%, meaning buying pressure will stay strong for some time. The robust uptrend can be attributed to increased investor demand and rising trader interest. As the market is bullish, however, traders should risk long positions.
The MACD blue line’s reading of 186.82 and its movement above its signal line, supporting the bullish outlook on the BTC market, point to a potential buying opportunity for traders looking to profit from the trend’s upward momentum. Traders may decide to take profits or limit losses if it drops below its signal line, indicating that the market is starting to turn negative.
The upper and lower Bollinger band readings are 30593.47 and 29326.72, respectively, according to the 2-hour price chart for BTC. The market volatility and upward momentum in the BTC market have significantly increased due to this action. Due to the likelihood that the price will continue to rise, traders may think about taking long positions.
The Chaikin Money Flow (CMF) indicator shows that the market’s bullish momentum may continue with a value of 0.06 and a move to the north. This movement denotes a rise in capital inflow, luring additional investors to participate in the upward trend and boosting traders’ faith in the BTC market.
In conclusion, BTC’s meteoric rise defies the odds, beckoning traders to ride the bullish surge. Investor interest soars, marking crypto’s resilience amid market twists.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
