Bitcoin has factored in a modest price increase of 1.15% in the last 24 hours.
The cryptocurrency’s daily trading volume showed a 5.68% increase as per CMC data.
This time, an approaching weekend has triggered a bull market in the digital assets sector. Bitcoin broke its $98K resistance in the late Asian evening hours of February 20. A frenzy went up in the market as community members began celebrating the arrival of the Alt Season. Leading analysts have stated that the Alt Season this term might be unique.
Meanwhile, reverting to the largest cryptocurrency, it has decided to claim the spotlight with its recent price movement. Although propellants remain unclear, BTC has factored in a 1.15% price increase and is currently trading at the $98.2K level. In the Asian morning hours, the cryptocurrency was trading at $96,805.
As bullish candles sparked during the day, Bitcoin hiked to its current price range. At the time of writing, Bitcoin was trading at $98,244, according to CMC data. Such a price action in the past always triggered a buying trend among investors. However, according to analysts’ reports, community members have continued to distribute their BTC holdings.
Market analyst Ali reported that although not all of them are not distributing, investors are surely not accumulating Bitcoin. This makes us question the trading strategy and market movements. It also raises speculations about whether community members have resorted to focusing on the altcoins and pausing BTC trading.
On analyzing Bitcoin’s recent price movements, it has recently shown a price consolidation, followed by a W pattern. The W pattern was followed by a brief descending channel and the current Horizontal channel pattern. This pattern indicates that Bitcoin might either witness a price breakout or further descent.
When drawing inferences from other technical indicators, its Moving Average Convergence Divergence (MACD) MACD line recently crossed over the signal line. This reveals an incoming bullish trend. Furthermore, the digital asset’s RSI value stands at 50.85 as per TradingView data depicting a neutral sentiment.
On the other hand, other altcoins such as Aptos and Litecoin have shown bullish momentums having been propelled by the AltSeason.