Bitcoin has been rallying these days, and it managed to reach the highest value since mid-November. The whole crypto market managed to push prices higher.
At the moment of writing this article, the crypto market looks pretty mixed. BCT is trading in the red and the most important coin in the market is priced at $8,681.98.
The digital asset has been following a broad, upward trend for the past few days, and it’s been pushing higher after it reached a 2020 low of $6852.09 on January 3rd, explains Forbes.
Technical and fundamental factors that pushed BTC price higher
When explaining BTC’s recent gains, analysts cited both technical and fundamental factors.
Forbes mentions Christopher Brookins, founder and CIO at Valiendero Digital Assets, spoke about these developments.
“The sharp move is the confluence of uptick in fundamentals” and technicals, he stated.
“I think the bottom is firmly in,” said Brookins, and he also made sure to point to the “strong uptick” in BTC’s hash rate. He also brought up the analysis of the Hurst exponent, “a momentum indicator that helps determine the strength of a trend.”
“The digital currency was “very oversold at the end of Q4,” he added.
Short-term outlook for BTC
Regarding the short-term predictions, market observers could benefit from watching a handful of key price levels, noted analysts.
“Persistent buying momentum (at the moment, it looks like RSI will push towards 80) has allowed bitcoin to retest/break key resistance of $8442 and is currently completing a Kumo breakout,” said Brookins.
“If that holds, it would confirm a resumption of the bull trend,” he continued.
We recommend that you check out Forbes’ original article in order to find out more predictions.
Despite the huge volatility of the crypto market, there have been a lot of optimistic predictions popping up in the crypto space about the price of BTC.
