Bitcoin Surpasses $91,000, Crypto Market Value Exceeds $3.2 Trillion
- Market Surge: Bitcoin surpassed $91,000, gaining nearly $2,500 from recent lows, which propelled the total crypto market value above $3.2 trillion, indicating strong investor confidence in digital assets.
- Timing Advantage: With traditional stock markets closed, the crypto market became one of the few open trading venues, leading to increased capital inflow into digital assets and accelerating price rises, reflecting the 24/7 trading nature of cryptocurrencies.
- Short Sellers Liquidated: Over $130 million in short positions were liquidated in the past 12 hours, as rapid price increases forced bearish traders to exit, creating additional buying pressure that boosted Bitcoin and Ethereum.
- Economic Confidence Boost: Reports related to increased U.S. control over oil reserves have improved confidence in economic stability, and while not directly tied to crypto, stronger economic expectations typically support risk assets, encouraging more buyers to enter the market.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 41917.393 | 50958.696 | 61341.393 | 70382.696 | 80765.393 | 89806.696 | 100189.393 |
| Fibonacci | 50958.696 | 58378.664 | 62962.728 | 70382.696 | 77802.664 | 82386.728 | 89806.696 |
About BTC
About the author
