Bitcoin is in the green zone at the time of writing its value is up 1.92% amid the recent positive news that El Salvador's president was re-elected to lead the country.
Another positive news reported from Decrypt, MicroStrategy bought 850 BTC for $37.5 million in January, as written by Michael Saylor, founder and chairman of MicroStrategy on Twitter.
The software company now holds 190,000 BTC. That's a digital coin worth $8.2 billion at current prices.
BTCUSD technical analysis today
Via Ticktrader FXOpen, BTCUSD is now moving near the MA 50 between the upper and middle bands.
MA 50 forms a flat channel indicating a sideways market. Bollinger bands, which are also trend indicators, form a flat channel with a narrow band distance, an indication of stable average price volatility.
On the other hand, the 200 MA which measures the 200-day period shows an upward channel far below the lower band line. Meanwhile, the RSI of this oscillator indicator shows level 54, which means the price is above the uptrend level.
BTCUSD in the H1 timeframe, the price is now moving between the upper and middle band lines. Here the Bollinger bands form an upward channel with a slightly wider band distance, an indication of increasing market volatility.
MA 50 forms a flat channel in this time frame, an indication of a sideways market. The 200 MA forms an ascending channel above the 50 MA which may mean the price is moving sideways. On the other hand, the MA 50 crosses the MA 200 from the upper side giving a new signal in this time frame. However, this opinion was refuted by the RSI which showed level 56 still showing prices above the uptrend level.
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