The recent surge in the price of Bitcoin (BTCUSD) has left many investors and analysts in awe. According to recent data, the cryptocurrency has broken above the crucial barrier of $80,000, reaching an intraday high of $81,080.
As of now, the market sentiment is improving, with technical indicators suggesting a bullish trend. The 4-hour chart shows that the price is trading above the 55 EMA (Exponential Moving Average), which is a strong sign of a bullish momentum.
The 200-EMA and 365-EMA are also in favor of the bulls, indicating a strong upward movement. The momentum indicators such as CCI (50) and ADX are also showing bullish signals, with an increase in strength from 29.30 to 32.95 for ADX.