News
Bitcoin Rose Above $6,300, Up 10% In 7 Days
Summary: According to Bitpush's data, Bitcoin (BTC), which ranks the first cryptocurrency of market volume, has continuously risen. Today, it broke through the $6,300 mark again, and up 4% in the past 24 hours.
According to Bitpush's data, Bitcoin (BTC), which ranks the first cryptocurrency of market volume, has continuously risen. Today, it broke through the $6,300 mark again, and up 4% in the past 24 hours. Since last Friday, Bitcoin has increased 12%, outperforming almost all other cryptocurrencies. As a result, its market dominance has reached the highest of 58.3% in 17 months. The last time Bitcoin had such a large share in crypto market was in mid-December 2017.
Yesterday, an analysis said that the current weekly relative strength index (RSI) of Bitcoin reached 65, the highest value since 2018. This is also considered a strong bullish signal. This
indicator has long been used to identify the driving force behind assets.
Galaxy Digital’s CEO Mike Novogratz and Morgan Creek’s founder Mark Yusko have both said they are bullish on Bitcoin, the former thinks that within 18 months Bitcoin will return to the highest point of $20,000, while the latter believes that the true value of Bitcoin will be $400,000.
Driven by successive bullish signals in the past few days, Bitcoin is still in a strong upward trend.
Fundstrat analyst Thomas Lee expressed his views on Twitter. He listed some recent major events in the world, including "political tensions escalate between US and China", "global equity markets fall sharply", "VIX largest spike in many months" and "global yield curves flatten/invert", and finally concluded that "Crypto showing its value as an uncorrelated asset".
Author: Liang CHE
