Bitcoin has factored in a modest price increase over the past day, after its recent bearish descent.
The cryptocurrency’s daily trading volume showed a 10.24% surge as per CMC data.
On the last day of the month, the crypto market showed mild activity as leading currencies crawled towards higher levels. However, they have remained bullish, as indicated by the 0.92% increase in the overall market cap. Meanwhile, Justin Sun’s eating the banana he purchased for $6.2 million caused a frenzy. Additionally, Russian regulatory announcements also drew market attention in the past day.
On reverting to the market price sector, Bitcoin has factored in a modest price increase of 0.37% in the last 24 hours. The cryptocurrency has not progressed much in price with the exemption of re-visiting the $98,000 resistance on November 29. Towards the late evening, yesterday, fueled by a brief bullish trend, Bitcoin tested its previous resistance.
The cryptocurrency, however, failed to establish a hold and subsequently fell back to its support levels. Bitcoin, at the time of writing, was trading at $96,812 as per CMC data. BTC has resorted to trade at the $91K to $95K level in the past few days.
Zooming out, into its weekly price chart, this is further confirmed. Bitcoin experienced a bearish takeover starting November 23, when prices began plunging down from $98,904. The digital asset hit a weekly low of $90,791 on November 26. While the community anticipated the cryptocurrency to fall further, it has regained fractions of the bull run.
Will Bitcoin Surge Back to $98K?
When analyzing Bitcoin’s price movements over the past few days, it traces a horizontal channel pattern. This pattern is followed by a bullish price breakout or a bearish descent. However, on inferring its other technical indicators BTC seems to lean towards a price breakout.
BTC/USDT Daily Price Chart (Source: TradingView )
Particularly, the Chaikin Money Flow (CMF) stands at 0.14 indicating an increasing capital flow in the asset as per TradingView data. Furthermore, BTC’s bull power indicator value is 1.12, while its bear power indicator value is -0.88. This highlights the bulls holding power over the bears thus suggesting a price breakout following the horizontal channel.
Meanwhile, other cryptocurrencies such as Shiba Inu (SHIB) and Hedera have shown upward movements in the past day.
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