Crypto Market Analysis: This is How Markets May Trade During the Weekend!
The post Crypto Market Analysis: This is How Markets May Trade During the Weekend! appeared first on Coinpedia Fintech News
The crypto bulls have once again marked their presence as the global market capitalisation is back above $1.2 trillion, with a jump of over 1.33% compared to the past day’s close. However, the markets are about to experience high volatility, probably in the coming weekend, which may lift the crypto space.
Bitcoin, on the other hand, is trying hard to recover from its recent losses. The price is displaying a bullish trend as it has recorded some gains in the last 24 hours. The BTC/USDT pair surged to reach beyond $26,700 as investors showed more interest in the star crypto. The short-term price trend indicates a fresh rise may be triggered after breaking some crucial levels.
The Bulls appear to have made a successful comeback after being passive for quite a long time. The current conditions appear to be much in favour of bulls, as the price with the next breakout is believed to rise beyond $27,000. The Bollinger bands are widening, which suggests the markets are about to experience significant volatility soon. Besides, the RSI is also rising, indicating the rise of buying pressure within the markets.
The MACD is also closer to displaying a bullish crossover as the selling volume has waned, allowing the buying volume to accumulate. Therefore, the bullish momentum has been building steadily for the past few hours, and if it persists, the BTC price may soon reach the interim target of around $27,000. Although the bears may intervene at frequent intervals, the bulls may counter all the bearish waves and keep the prices above $26,000.
Moreover, technical indicators have turned positive, which suggests the prices may remain elevated throughout the weekend.
Filed under: Bitcoin - @ May 27, 2023 7:59 am