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Bitcoin Price Crosses $52K, Breaks Out of Week-Long Bearish Trend

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  • Starting the hike around Sunday night, Bitcoin prices were pushed beyond $52,000.
  • Additionally, Bitcoin attained its highest hourly buyer volume since April 23.
  • Other major altcoins yielded significant gains, an average of 3.7% on the day.

After a week-long bearish market, the top cryptocurrency by market cap, Bitcoin, is showing an upturn for the better. For the first time in the past six days, the leading cryptocurrency climbed past $52,000 amid Bitcoin’s bullish price rise during the early hours on Monday.

Bitcoin’s Upturned Graph

Data from Coindesk shows, starting at around a quarter to 22:00 UTC on Sunday, Bitcoin (BTC) sprang up to its week-long lowest of $47,272 and subsequently gained its largest hourly buyer volume since April 23. At the time of writing, BTC is trading at $53,547, with hourly gains at its highest in the past two days. 

Price Corrections

Going by the current market speculations, Bitcoin might be correcting its previous fall. Last week, amid concerns about how U.S. President Joe Biden’s proposal to raise the capital-gains tax on cryptocurrencies and other investments might weigh on the market, Bitcoin prices witnessed the steepest drop since February. 

Relative Strength Index

As for the technical aspect of the coin, BTC’s relative strength index (RSI), an indicator to evaluate the trend momentum, conveys that the token is making way for a daily time frame to bounce off of its Sunday’s levels of oversold at 30.00. 

Altcoins & Traditional Market

The bulls weren’t limited to just Bitcoin; other major cryptocurrencies too yielded significant gains, an average of 3.7% on the day. Uniswap’s native token, UNI, reported some of the biggest gains, rising more than 14% over the last 24 hours. 

On a similar note, in traditional markets, the Asian stock indexes along with the Hang Seng Index went up around 1.1%. Also, the Nikkei 225 and Nikkei 300 relayed little change.

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