Over the past 24 hours, the bitcoin price briefly surpassed the $5,300 mark in a short-term spike but retraced back to the $5,200 region.
In the past 30 days, as the bitcoin price gained 31.3 percent against the U.S. dollar, the valuation of the crypto market increased by $40 billion.
Strong performances of alternative cryptocurrencies such as Enjin Coin and Binance Coin, which recorded 404 percent and 266 percent year-to-date gains respectively, pushed the momentum of the crypto market further.
Technical Indicators Showing Bullish Trend For Bitcoin
For the first time since May 2015, a technical indicator called the 2-week moving average convergence divergence (MACD) indicated a positive trend for bitcoin according to a technical analyst.
“The 2W MACD has crossed in a buy signal on BTC. We opened at approx $4,000. The last time it happened? May 2015. Bitcoin opened around $240. We can still drop in accumulation, but the bottom is in ‘folks,” the analyst said.
As bitcoin cleanly broke out of $4,200, which was a crucial resistance level for the dominant cryptocurrency and recovered to $5,000, it reversed many technical indicators that identify long-term trends.