- Bitcoin has factored in a modest price increase of 2.98% in the last 24 hours.
- The cryptocurrency’s daily trading volume has dropped by 4.93% as per CMC data.
The cryptocurrency market has staggered into the recovery lane yet again in the last 24 hours. With leading cryptocurrencies attempting to break previous resistance levels, the community is quite hopeful. Meanwhile, Brazil announced plans to pitch crypto adoption to the members of the BRICS in the past day as a testimony to growing global crypto adoption.
Notably, the largest cryptocurrency, Bitcoin has factored in a modest price increase of 2.98% in the last 24 hours. This increase helped the token progress to the $84,000 range after several days. In the morning hours of March 14, the altcoin was trading at a low of $81,771.
However, as bullish candles sparked, the cryptocurrency even tested an intra-day high of $85,263. Afterward, due to slight corrections, it fell into the aforementioned range. At the time of writing, BTC was trading at $84,287 as per CMC data.
Zooming out, into its weekly chart, owing to recent surges, Bitcoin depicts its price drop to a modest 1.81%. At the week’s beginning, BTC was trading at the $86K level, before the significant market crashes occurred. Leading analysts had predicted a support level of $69,000 and whether it will materialize in the coming days is a looming question.
Will Bitcoin Hit $90K Soon?
On analyzing its technical indicators BTC shows mixed signals. Its short-term bull power indicator stands at 1.80 and the short-term bear power indicator stands at -0.22. This suggests that Bitcoin could pull effectively out of the bearish hold.
However, its long-term bear power indicator value is -5.22. This reading highlights existing overpowering bears in the market. Moreover, its RSI value stands at 44.11 as per TradingView data. Investors seem to hold a negative sentiment as the token lies in the oversold zone.
If Bitcoin manages to sustain its current positive momentum, it might hit $90,000 in the coming days. Meanwhile, other altcoins such as SEI and Avalanche showed upward movements in the past few days.
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