Bitcoin’s dominance rate rose to 68.2% in hours as the top-ranked asset was propelled by buyers following yesterday’s bearish drop towards $9000. The price climbed at a rate of 5.06% which, in turn, helped $BTC soar to reach the $9614 mark where it presently holds. The trading volume recorded stands at roughly $35.606 billion, while the supply has 18,016,612 BTC coins in play as of this very moment. The total market cap of Bitcoin is $173.211 billion which depicts a remarkable recovery.
BIG NEWS: China’s Congress has passed a cryptography law which will be effective from Jan 1st 2020!
The news came only a day after Xi Jinping’s call on the country to seize opportunities within blockchain.
— CryptosBatman ⚡ (@CryptosBatman) October 26, 2019
In accordance with the candlestick chart linked to the BTC/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], the #1 digital asset is being greatly impacted by buyers persisting in the market. The daily RSI [for 14 periods] is at 66.75 which indicates that Bitcoin may land inside the overbought zone by the following week. In the aftermath of 26th October, the peaks tied to the Awesome Oscillator were established over the zero line and possessed the green shade, which points to a rise in terms of bullish momentum.
Similarly, from 25th October onwards, the MACD line has increasing drifted further away from the signal line, leading to the growth of the emerald histogram formed atop the zero line. It’s only a matter of time till $BTC will encounter resistance at the $10480 mark. Support can be found adjacent to $7349.7.
Monday morning’s letter to investors is going to be absolute 🔥🔥on China, Bitcoin, and the global economy.
Every investor must pay attention. It’s the most important macro story right now.
Don’t miss this one. Will be free for everyone.
— Pomp 🌪 (@APompliano) October 27, 2019