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Bitcoin {BTC} bounces back beyond $8500 as analysts declare the arrival of a fresh altseason

Bitcoin

Once again, Bitwise’s ETF proposal has been turned down by the SEC based in the United States of America. This move has attracted criticism from members within the cryptosphere, but the SEC is still greatly concerned about “unregulated” exchanges and how price manipulation affects cryptocurrencies.

Bitcoin is the top-ranked asset in the market. The price rose at a rate of 4.77% in the course of the past 24-hours; this brought BTC all the way up to $8587.42 where it currently holds. The trading volume recorded stands at roughly $20.118 billion, whereas the supply has 17,983,612 BTC coins involved as part of the circulation. The total market cap of Bitcoin amounts to $154.432 billion.

According to the candlestick chart connected to the BTC/USD pair on tradingview [based on the data obtained from the Bitstamp Exchange], the digital currency is finally being influenced by buyers after a prolonged bear-run. The daily RSI [for 14 periods] is at 44.93 which leads me to state that BTC is deeply-immersed in the neutral zone.

In the aftermath of 6th October, the peaks tied to the Awesome Oscillator all possessed the green shade, pointing to a gradual build-up of bullish momentum. On the other hand, the crimson Ichimoku Cloud signifies that sellers haven’t refused to give in. From 8th October onwards, the MACD line began prancing north of the signal line, thereby enabling the histogram to go green.

This recent development helped Bitcoin’s dominance rate climb to 66.7%.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.