Bullish Momentum in Global Markets as Bitcoin and Ethereum Show Signs of Recovery
Global markets have opened today with significant bullish activity, leading to a daily increase of 1.6% in the total market cap, which now stands at $1.18 trillion as of the latest update. According to CoinMarketCap, the fear and greed index is currently at 53, indicating a neutral position.
Bitcoin (BTC) is still experiencing bullish momentum, attempting to break above the $30,000 mark. Currently trading at $29,600, it registered a 2.4% daily gain, bringing the weekly increase to 1.3%. During the same period, Bitcoin‘s trade volume surged by 49% to reach $19 billion.
The Bollinger bands for Bitcoin are now converging, indicating low volatility. Moreover, the Relative Strength Index (RSI) is moving above its average level, highlighting the dominance of bullish sentiment. The MACD indicator is also approaching a positive shift.
On the other hand, Ethereum (ETH) had a slow start to the week, gaining 1.5% in daily trading to reach $1,859. The trading volume also increased by 21% to $6.8 billion. ETH’s Bollinger bands show low volatility with a convergence pattern.
The RSI indicator for Ethereum is still below its average, suggesting a possible bearish trend as bears strive for market dominance. Additionally, the MACD indicator remains in the negative region, indicating the ongoing effort by bears to control the markets, while bulls are attempting a shift to the positive region.
FTT is currently experiencing a sluggish session, trading 4.8% below its previous 24-hour price at $1.3605, with market trends influenced by FTX’s restructuring plan. Within the same period, FTT’s trading volume dropped by 39%. The Bollinger bands for FTT show low volatility and are moving closer together.
The RSI for FTT is moving below its average line, indicating bear dominance, and the MACD remains in the red zone, further confirming the bears’ control.
TWT is actively making trends in today’s session, with a 5.2% increase above its previous 24-hour price, trading at $0.9734. The asset’s trading volume now stands at $42 million. TWT’s Bollinger bands show increasing volatility as they diverge from each other.
The RSI indicator for TWT is approaching the overbought region, indicating strong bullish dominance, and the MACD is in the green zone, further supporting the bullish sentiment.
Despite experiencing a 13% loss from its previous 24-hour price valuation, Alpaca Finance (ALPACA) is also making trends and is currently trading at $0.1729. Meanwhile, Kaspa (KAS) is performing well, showing gains of 9% in a day’s trade, with its spot price reaching $0.04181. Binance Coin (BNB) is experiencing a slight decline of 0.4% in a day’s trade, with its current price at $244.
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