In a surprise move, flagship cryptocurrency, Bitcoin pulled an 11% increase into the new week after closing the previous week at almost $34,000. The previous week began at the levels of $29,000, with $27,050 being a retracement support zone for the asset.
Weekly technical indicators are still bearish. While Moving Average Convergence Divergence (MACD) is negative and declining, RSI is now under 5 and stochastic has made a bearish sign. Ultimately, the bears are still on the prowl in the long-term.
Bitcoin is currently trading at $38,295 in an unexpected uptrend over the night, giving the indication that the next few weeks will be bullish, however, the charts say otherwise. Meanwhile, the market cap of the entire market has neared $1.60 trillion from $1.25 trillion only last week.
The sudden peak in crypto prices and total market capitalization is attributable to a series of events that occurred last week. Some of these events include E-commerce giant, Amazon states interest in integrating Bitcoin payments on its platform; Tesla acquisition of a Bitcoin mining farm and overall, the movement of Bitcoin by whales from exchanges to cold wallets as a sign of being bullish.
Largest Altcoin by market cap, Ethereum records an 8% move after closing the week at $2,065. Currently, Ethereum is trading at $2,351 after attaining a day-high of $2,392 within the early hours of the new week.
Axie Infinity’s $AXS is down almost 2% after getting an all-time high of $45. Of all altcoins, $AMP is the highest gainer, moving up 35% within the day. Meme token, Dogecoin is up 13% into the new week, with a price mark of $0.22. The market seems to be in good condition as the week begins unlike the start of the previous week.