Bitcoin prices went into a safe at $97,469 per coin after idling nearly $94,000 for the majority of the day. Bitcoin volume tapped $242.7 billion, leading 33.11% of all trades recorded today.
Bitcoin angers
Bitcoin (BTC), a major cryptocurrency, climbed over $3,500 from the daytime trough on May 5th. The latest high was recorded shortly after 8:25pm on Tuesday. At press, BTC changes hands for $97,283. Tokens are up 2% over 24 hours and 2.8% per week. According to the latest data, the rise in Bitcoin has lifted a wider market.
Bitcoin is currently tackling heavy resistance across the $97,800, $98,000 and subsequently the price tier. Four days ago, BTC printed a peak of $97,938, but has yet to eclipse it, despite the Bulls pushing hard tonight. After that particular peak, the coin lowered the bottom in a stable hideaway that peaked on a sharp slide on May 5th. Heavy sales accompanying descent.
Current oscillator metrics convey a careful optimistic outlook for BTC/USD. A relative strength index (RSI) hovering near 66 indicates an over-invasive level while remaining within the neutral parameter, signaling sustained accumulation mechanics without speculative overchange. The mean directional index (ADX) registered at 30 shows the trajectory of a new trend that integrates momentum without achieving a critical directional advantage.
Today’s rebound shows the enthusiasm of a revived investor and the potential psychological pivot after a recent setback. Current Coinglas data reveals that over $40 million BTC short positions have been forced to unwind in BTC short positions within the last four hours, and more than $55 million have been settled over the previous 24 hours. The collective market is increasingly consistent with a mature bullish attitude, despite still operating within uncontrolled, non-x parameters.
“As Bitcoin approaches $100,000 again, the growing theme is private companies adding more BTC to their balance sheets. Around 70 companies around the world are doing this,” Greg Magadini, director of derivatives at Amberdata, told Bitcoin.com News on Tuesday evening. “Combine this theme with something that has been reverted to the Bitcoin ETF and now we have a new ass in sight.”
Magadini added:
In last week’s MSTR revenue call, Saylor proposed that MSTR plans to double its acquisition plan from 21/21 to 42/42, raising $8.4 billion for BTC purchases over the next two years.
