BTC price has skyrocketed over the past week.
The BTC market sees a bullish rebound with surging Keltner Channel bands.
The Bitcoin (BTC) price has skyrocketed over the past week, as a result of the escalating banking crisis in the US and the federal government’s efforts to mitigate its effects.
This increase indicates the traders’ belief in the crypto market’s potential for development and profitability, which may end up with more investments and expansion soon.
Bitcoin (BTC) Price Analysis
Traders jumped into the crypto market in the prospect of a protracted bullish rebound, with the market cap and 24-hour trading volume surging by 14.95% and 28.94%, respectively, to $501,422,296,238 and $545,105,626,189.
BTC/USDT Price Chart (Source: TradingView)
According to a 1-Month chart of BTC price, the rising Keltner Channel bands indicate that the current bullish trend might continue soon. Moreover, the top bar reaches a high of $26,354 and the lower bar reaches a low of $24,500, demonstrating the upward trend and the rising volatility of the market.
As the price action is creating green candlesticks and heading toward the upper band, this may be a good indication, and investors may want to consider purchasing the asset to take advantage of any gains.
Since the MACD blue line has lately moved into the positive zone at a level of 600, supporting the bullish attitude, this may encourage traders to initiate a long position as purchasing momentum seems to be picking up steam. In addition, the histogram’s green bars are increasing in size, suggesting a continued upward trend that may motivate traders to add to their existing holdings.
BTC/USDT Price Chart (Source: TradingView)
The BTC market sees a bullish rebound with surging Keltner Channel bands and rising trading volume, attracting investors for potential gains.