After a Dip to $16,408.48, BTC’s Bullish Momentum Drives the King Coin to $16,578.96

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• According to the most recent price analysis, bear dominance in Bitcoin has been weakened.
• Bitcoin might see a price increase if it is able to surpass the $16,610.43 resistance level.
• To what extent will BTC’s bulls be able to keep up the upward momentum ?

Following a plunge and sell-off in the early hours of the day, Bitcoin (BTC) bulls repudiated the negative trend by finding support at $16,408.48. This upbeat atmosphere pushed BTC prices higher, although they faced stiff resistance at $16,610.43. A break over this resistance level might result in more gains in the Bitcoin market.

The market capitalization and 24-hour trading volume of BTC both increased by 0.45% and 4.94%, respectively, to $318,623,150,035 and $15,082,574,535, signaling that buying pressure is intensifying.

BTC/USD 24-hour price chart (source: CoinMarketCap)

Due to the Fisher Transform’s bullish crossing above the signal line at -1.41, expectations of the market ...

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