In the last seven days, Bitcoin has once again become the talk of the town. After a predicted retraction phase, during which the price crawled down from $9180 to $8260, the first cryptocurrency made yet another leap from the 50-period moving average to $8570. The fact that it didn’t cross the average to the downside signified the presence of bullish sentiment on the market, which was later confirmed by a strong upside impulse.
It’s been a month since Bitcoin began giving hints about the possible inception of the new bull market, which traders have been waiting for since the end of the notorious crypto winter. It’s too early to say whether the ongoing rally would mature into a fully-fledged upward trend, but the expectations are running higher with every price swing made on a large time frame.