Bitcoin surged over $54k today. #Bitcoin Bull run has reached new highs.
The 24-hour price range is Low $50,931.03 and High $54,938.17. The price is almost touching $55k and this may be achieved
Fear and Greed Index value 72, remains the same as before. Today Bitcoin gained higher than Ethereum, #Bitcoin rose 5.74%, #Ethereum rose 2.57%. But overall in 7 days, #Ethereum's gain was higher on 6.95% than Bitcoin's only 5.08%.
BTCUSD technical analysis
BTCUSD ended its consolidation phase with a successful upside breakout and reached a new high of almost $55k. The price spike that occurs forms a bullish candlestick with a long body with short shadows on the top and bottom of the candle.
Bollinger bands are still forming an upward channel with a wide band distance indicating high market volatility.
The MA 50 which measures the daily average for the past 50 days forms an upward channel near the lower band line far from the price indicating bullish momentum.
The RSI indicator shows level 76 again trying to approach the overbought high by forming an ascending channel.
In the H1 timeframe, the price is now moving near the upper band line. In this time frame, it is clear that after the price broke out at roughly $52k then the price soared to almost $55k.
Bollinger bands appear to be very wide in this time frame, an indication of high market volatility.
The 50 MA is far below the price near the middle band line forming an upward channel indicating strong bullish momentum.
Here the RSI indicator shows level 84 which means the price is in the overbought zone giving an early warning of possible rejection.