Bitcoin is currently leading the way as the cryptocurrency market experiences an unprecedented upsurge. As evidenced by the 55% increase in Bitcoin market buy orders over the past week, the cryptocurrency market is showing signs of bullish momentum. Bitcoin’s price rose 20% as a result of the $15 billion in purchases that were made on the market. In such a short time, BTC volume has increased by 63%, pushing the price to $21,000.
Additionally, the price of Ethereum rose by 18% while its volume increased by 38%. Market buy orders increased by 26% on the ETH market, which now has a market cap of 187 billion and a price of $1,500.
At this time, Bitcoin is trading above the weekly 21 MA. We must watch carefully to see if it closes above the 21 MA and creates another bullish candle for the following week. If so, it will be a very bullish sign for the entire cryptocurrency market for the next few months. A closing price above the weekly 21 MA could be a strong indicator that bullish sentiment is here to stay.
Although a single candle close is not enough to declare bullishness in the market, if Bitcoin continues to close above the weekly 21 MA for consecutive weeks, it could be an incredibly bullish sign.
