The Crypto Space Reaches New Heights – Bitcoin soars to $29k

The Bitcoin and Ethereum crypto space has been reaching new heights lately. After dropping slightly in the past few days, Bitcoin surged again and reached an impressive peak of $29,000 for the first time since last June.

The bull run is considered not only a result of the post-halving euphoria but of course the new institutional demand this year too. From the most recent data, it looks like institutional buyers are here to stay, and their actions are the main cause of Bitcoin’s monumental rise.

Here’s the Technical Analysis Behind Bitcoin’s current rally

  • Bullish MACD Divergence: The cross of the 12 and 26-period moving average convergence divergence indicator has further pushed Bitcoin’s value up.
  • 10-Day Moving Average (MA) Breakout: This week’s BTC rally broke above the 10-day MA, a signal of bullish momentum.
  • Increased Volume and Momentum: This has been rising with every new rise in price and suggests bitcoin has plenty more room for growth.

These technical indicators, of course, do not guarantee future price movements; however, they suggest that Bitcoin will remain in an uptrend throughout 2021.

The Crypto Market Reaches Major Milestones

The incredible surge of Bitcoin has pulled Ethereum and the rest of the crypto market along in its wake. BTC dominance is currently at an impressive 67%, signaling the extent to which it is leading the space. Ethereum has subsequently seen incredible gains; the coin is now trading at an all-time high of 1,800 USD.

This, of course, is all incredibly exciting news for crypto enthusiasts, investors, and holders across the globe. In the meantime all we can really do is watch, admire, and maybe make a little money in the process.