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Digital Currency Revolution Series: Bitcoin’s bullish streaks continue in Q2, flies more than 37%
Bitcoin has been spiking higher from the last couple of weeks, rose from the lows of $3,405.30 levels to the current $5,298.60 levels which is almost more than 37% so far (i.e. 10% in March month and 27% in April month series).
Technically, after BTCUSD has bottomed out at $3,215.20 levels, consequently, the bullish engulfing pattern has occurred at $4,071.70 levels.
Ever since then the pair kept spiking higher constantly, it has now gone above 21-DMAs Thereby, the pair hit the psychological price levels of $5k 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.
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.
Currency Strength Index: FxWirePro's hourly BTC spot index is inching towards 111 levels (which is highly bullish), USD is at 2 (neutral), while articulating (at 06:10 GMT).
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex