bulls have another reason to rejoice. The crypto king broke the $20,000 mark against all odds on 14 July.
The intraday low of Bitcoin on 14 July went to $19,613. However, the buyers stepped in with demand and BTC eventually crossed the important psychological level of $20,000. At press time, Bitcoin was at an exact price of $20,873- a 5.55% rise in the last 24 hours.Despite the recent uptick, the indicators on the price chart were skewed towards the bearish side. Consider this- On
12 July, the 20-period EMA was below the 50-period EMA. A similar situation was observed on 13 and 14 July. This indicated that Bitcoin’s short-term move was more favorable for sellers.While Bitcoin’s price has increased, the 20 and 50 EMA have not overlapped. Additionally, the chart, at press time indicated that the 20 EMA might soon overtake the 50 EMA. If that happens, it would be a good opportunity for short-term traders to make profits.
Interestingly, the Relative Strength Index has also seen some upside post 13 July. At the time of writing, the RSI stood at the 60 mark, well above the midpoint.Given the unprecedented increase in the king coin’s price, the main question is – Will BTC continue its upward trajectory?While that could be a difficult question to answer but on-chain metrics can definitely give some clarity.t, BTC active addresses have increased over the last 24 hours.