Bitcoin ($BTC) is making continuous progress, with its price reaching exclusive highs. In this respect, Bitcoin ($BTC) has successfully surpassed the Bull Market Support Band. As per the data from CoinMarketCap, Bitcoin ($BTC) has also jumped above the $81K level after achieving the $80K milestone recently. This signals a renewed optimism among the institutional Bitcoin ($BTC) investors.
$BTC Reclaims Bull Market Support Band Following Q1 Collapse Amid Surge above $81K
Reclaiming the Bull Market Support Band, which denotes the combination of 21-week EMA and 20-week SMA, serves as a landmark development for Bitcoin ($BTC). The development takes place following a severe market drop throughout the 1st quarter this year. That downturn pushed prices into the $61K territory.
However, the latest surge has erased the respective resistance, elevating $BTC’s price above the $81K mark. So, the flagship crypto asset is reclaiming structure instead of just bouncing. Keeping this in view, the market onlookers predict a massive rally ahead amid the growing confidence among the institutions.
Rising Institutional Confidence Signals Expansion of Ongoing Bull Rally
Particularly, the 7-day EMA ribbon, which spans the $77K-$81K range, has reportedly been retested, underscoring the earliest real indication of strength following October last year. The respective level is critical, representing the area where bulls need to defend for the maintenance of the upward momentum.
Based on the market data, the current bullish momentum occurs following consistent rejection for 6 months, including 3 failed attempts. According to CoinMarketCap, following the reclamation of the Bull Market Support Band, $BTC’s price is hovering around $81,79.99, showing a 0.50% rise over 24 hours.
Additionally, it also accounts for 5.21% weekly and 17.57% monthly upsurges. In the same vein, the market cap of Bitcoin sits at $1.62T, displaying 0.51% rise. Overall, whether the ongoing recovery spree will sustain or diminish remains to be seen in the near term.
