Looking at 4-hour chart, Bitcoin price surprisingly took off from being hanging around $6000 for several days to hit $8000 in 30 minutes. Such a sudden surge by 13.15% arises many question marks. But watching a long green candle after Bitcoin’s massive sell-offs can make us cry tears of joy. The market is relieved at least within these hours.
When examining indicators in the short term, RSI has just entered the over BUY zone, MACD sent SELL signal but a rare SELL. Average Directional Movement Index (ADX) waved the end of SELL zone flag. Putting all together, Bitcoin market is more likely to confirm an upward trend.
As of current, Cryptocurrencies should increase in value accordingly.
All in all, today BTC is trading at $7 759.05 with market dominance of 43.8%. The total Market Cap is $131 695 224 664 with a trading volume of $7 430 410 000 during the last 24 hours, according to CoinMarketCap.
Still few days separate Bitcoin holders from US Tax session’s end date. So what may are the motives behind this sudden surge ?