Bitcoin’s Relief Rally Continues Tuesday With A Push Above $21,000

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Crypto’s pos­i­tive run con­tin­ued on Tues­day, as bit­coin gained 1.39% over the past 24 hours for a cumu­la­tive 2.57% jump since last Fri­day. In total, the asset is up almost 16% from its nadir on the morn­ing of June 18th, when it fell below $20,000 for the first time since Decem­ber 2020 to bot­tom out at $17,580.

Oth­er major assets to climb on Tues­day includ­ed solana, binance coin, and XRP. Doge­coin, the meme-focused dig­i­tal asset favored by bil­lion­aire Elon Musk led the major tokens high­er with a gain of 9.14% over the past 24 hours. Dogecoin’s jump can be large­ly attrib­uted to Musk announc­ing on Mon­day that he is con­tin­u­ing to pur­chase the asset through­out the down­turn. How­ev­er, in a con­fer­ence appear­ance ear­li­er this week he some­what con­tra­dic­to­ri­ly men­tioned that he has nev­er rec­om­mend­ed any­one to pur­chase the asset.

The mar­ket upswing coin­cides with a pos­i­tive start to the week for stocks. The tech-focused Nas­daq 100 is up .73% today and the S&P 500 is up .80%.

This brief ral­ly could have more room to run. A look at bitcoin’s tech­ni­cal charts sug­gest that the asset is mov­ing out of over­sold ter­ri­to­ry into a more neu­tral out­look. It’s Rel­a­tive Strength Index read­ing on the month­ly chart is above 30 for the first time in a week and the Mov­ing Aver­age Con­ver­gence Diver­gence, has been gain­ing for three straight days on a poten­tial path towards cross­ing its ‘sig­nal line’ of bitcoin’s 9‑day expo­nen­tial mov­ing aver­age, tra­di­tion­al­ly a buy signal.

That said, with infla­tion con­tin­u­ing to be at record num­bers and increased rate tight­en­ing around the world — just yes­ter­day Euro­pean Cen­tral Bank Pres­i­dent Chris­tine Lagarde expressed plans to raise rates in July and Sep­tem­ber in an effort to move the bank out of neg­a­tive inter­est rate ter­ri­to­ry, the mar­ket remains square­ly in a bear­ish cycle.

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