Bitcoin (BTC) recently set a record for the longest green candle streak in just over 6 years when it’s price dipped to $0, and surged back to $91,771, reaching a whopping 14 consecutive hourly green candles.
This sharp increase leads us to believe that whales are taking full advantage of the dip and are driving buying pressure for Bitcoin. Looking at the current political set, things are about to change and the market looks feels Bitcoin will jump again.
The graph on TradingView clearly highlights that between the period of Jan and 10, 11 AM GMT the value of Bitcoin fluctuated causing a stir during the trade period of 9 PM on Jan the 9th.
Even after the value experiencing a dip at 91,771, it was able to make a strong recovery and surged to $95,770. Vetle Lunde, a senior analyst at K33 Research, stated that this was the longest consecutive green hour candle series observed since the start of 2017 signalling that the company has the potential for robust growth in the future.
Bitcoin’s Price Action Analysis
Currently trading at $108268, Bitcoin takes the lead with the top crypto currencies and obviously influences the market’s strength while appearing to be 11% lower than the all time high of $95,078. Even though the monthly trade indicates a decrease of 5.28%, the weekly trade has displayed a consistent increase of 2.52%.
The Relative Strength Index (RSI) on Bitcoin’s price chart rests quite low at 46.73 suggesting a bearish market sentiment. On the other hand, the positivity shown on the RSI line indicates that thrillulant investors are putting up a fight which may lead to the price being pushed back towards touching the $100,000 mark once again.
When using the MACD indicator it is rather alarming how two lines of different colors cross each other especially the red signal line crossing the blue MACD line but no need to be flabbergasted as both the lines look like they are aligned very close to each other therefore giving enough room for both parties to take the lead.
As stated in Coinglass statistics, Bitcoin moving above the $95,000 caused $389.5 million to be lost causing a huge liquidation across the market. In the previous 4 hours alone, a whopping figure of $128.23 million were liquidated with $82.7 million attributed to bitcoin short positions.
