Digital Currency Revolution Series: BTC/USD bulls shrugs-off shooting star and doji to surpass 5.25k, Major driving forces of bitcoin rallies

Bitcoin has been spiking higher from the last couple of weeks, rose from the lows of $3,405.30 levels to the recent highs of $5,373.90 after surpassing $5,250 levels (at Bitfinex). 

Technically, after BTCUSD has bottomed out at $3,215.20 levels, consequently, the bullish engulfing pattern has occurred at $4,071.70 levels. 

Bulls, at this juncture, are shrugging off shooting star and long-legged doji patterns also at 4,978 and 5091.10 levels respectively.

The pair is currently, trading at $5,298.60 levels which is almost more than 37% so far (i.e. 10% in March month and 27% in April month series).

Ever since then the occurrence of engulfing pattern, the pair kept spiking higher constantly with intensified buying momentum, it has now gone above 21-DMAs Thereby, the pair hits the psychological price levels of the $5.25k mark. Followed by, the majority of the crypto fraternity experienced middling performance with a few select altcoin markets surging strongly. 

To substantiate this bullish sentiment, all technical indicators are in line with the price upswings.

Both RSI and Stochastic curves show upward convergence to the prevailing rallies that indicate the intensified buying momentum.

While lagging indicators (MACD on daily and monthly terms) show bullish crossovers, that also signal uptrend to prolong further in the weeks to come.

So, what’s been driving the Bitcoin’s abrupt rallies, the couple of analysts and shrewd speculators have advised numerous catalysts involving short squeezes.

On the back of these bullish price sentiments, the pioneer cryptocurrency (Bitcoin) and its counterparts sensed eye-catchy market-capitalization growth in the recent past.

The institutional interests are mounting in bitcoin trading for 4thconsecutive months.

As per the reports of renowned cryptocurrency data outlet ‘Diar’, institutional Bitcoin trading volumes have moved into growth for the 4thconsecutive month. 

The current volume spikes more than 9 percent more compared to December 2018 (refer to above chart).

The Bitcoin transactions have increased by almost 60% this year, while the price is now up approximately 25%. And it is quite sensible to understand the demand/supply equation, an increase in Bitcoin usage likely to constitute an increase in price.

Most importantly, we could also observe the mounting interest in the retail segment.

Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 176 levels (which is highly bullish), USD is at -83 (bearish), while articulating (at 06:37 GMT).

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex