(Snapbots News Review) After a 5-Day Losing Streak, Bitcoin Spikes to over $52k
Here is the SnapBots News Review of today!
For the last five days, Bitcoin fell from $63k to below $47k — a negative sign for the whole cryptocurrency market. There have been rumors surrounding Bitcoin’s falling value, which has triggered a wave of fear. Bitcoin was changing hands at $52,150, with an hourly buyer volume at the highest since April 23.
Bitcoin rose for the first time in six days. The high buying volume caused the price to surpass $52,000 at the beginning of trading in Asia on Monday.
Previously, the market expressed its frustration over the falling prices of the cryptocurrency market through tweets and social media posts. Bitcoin’s price level fell to $47,655, dragging the market down.
For now, this could be a market correction. According to Coindesk, “Prices tumbled last week by the most since February, amid concern that U.S. President Joe Biden’s proposal to raise the capital-gains tax on cryptocurrencies and other investments might weigh on the market.”
Following technical analysis, bitcoin’s relative strength index — an indicator used to gauge momentum — shows the cryptocurrency is attempting a daily timeframe bounce from levels of oversold at 30.00 on April 25.
Since then, the crypto market also started to flourish. A series of other cryptocurrencies also reversed with an average increase of 3.7% during the day. Uniswap had some significant gains, up more than 14% over the past 24 hours.
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