The world's largest cryptocurrency Bitcoin (BTC) rose by 4% in the last 24 hours passing the $28,500 trading level. Additionally, this surge in Bitcoin prices comes amid consolidation in the broader market as altcoins deliver flat returns.
However, the recent spike in Bitcoin prices has helped the overall crypto market to cross the $1.2 trillion mark. Over the past two weeks, current market sentiment has been neutral as BTC continues to trade in a close range between $27,000 and $28,600, which are support and resistance levels respectively. In its latest report, in-chain data provider Santiment states:
"The relative strength indicator (RSI) level also shows a downward divergence, indicating weak buying pressure. The 200-day and 200-week simple moving averages act as strong support levels for BTC. The monthly RSI shows an upward trend, indicating long-term bullish potential. However, current market conditions suggest that Bitcoin may experience a correction before any major gains”.
On the other hand, if the price of Bitcoin manages to cross $28,600, it could rise further in the range of $29,000 to $32,000. Conversely, if BTC price falls below the $27,000 support, it could fall further to $26,000 and below. On-chain data also shows that amid the current price rally, BTC social dominance has reached a new one-year high.
On-chain data shows that the rally in the world's largest cryptocurrency continued throughout the last year. Sentiment Data notes:
Since February ’22, the number of addresses holding Bitcoin has increased by 10,279, a +7.1% increase. Along with Bitcoin, several other altcoins have also performed well in recent weeks. Earlier this week, the two major altcoins Ripple (XRP) and Cardano (ADA) recorded a strong surge with both gaining more than 10% the previous day.
